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11 January 2022
Will trust
Our client Mr X died many years ago. His wife Mrs X and a local solicitor were trustees and executors of the will. The will left his limited company shares which were wholly owned by him to a will trust which is discretionary in nature.
His daughter who works for the company is going to be lent a large sum of money from the company. Accordingly a form P11D will be prepared.
The daughter is named as a potential beneficiary of the will trust.
I have two questions:
- Will tax under CTA 2010 s 455 be payable as a result?
- Would it be possible to exclude her as a beneficiary to avoid the s 455 tax?
I look forward to receiving replies from readers.
Query 19 869 – Uncertain.
Excluding a beneficiary might infringe the general anti-abuse rule....
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