Hi, I have recently been given the option of receiving a discretionary bonus payment by means of an off-shore trust providing benfit for myself, family and dependents. It appears that I am able to make suggestions for the investment of the funds, but it is up to the Trustees whether they choose to follow my requests.
I have also been told that the trust can buy assets and allow myself and my family to enjoy their use, with no income tax consequences. I am currently looking to buy a house but the price exceeds the value in the Trust. Would it be possible for the Trust to buy a share (50% for example), with my partner buying the other 50% and allow myself and my family to live there. Firstly, would the trustees accept this? Secondly how would I go about this, in terms of documenting the split ownership, and finally what tax implications would this have?
Thanks for any help, I understand this is a complex topic and I will need to seek professional advice, at present I am determining whether to accept the payment in this form or ask for more conventional payment.
TaxationWeb Limited (Registered in England No. 4571386), 6 Coleby Avenue, Peel Hall, Manchester, M22 5HH, United Kingdom
Information which you supply whilst using this website may be held in our computer records and may be used to send you information which we think might be of interest to you. If you do not want your information to be used for such purposes please write to us at: 6 Coleby Avenue, Peel Hall, Manchester M22 5HH, UK, or email us
Website by Dorifor Internet Marketing | Powered by phpBB
Dorifor Tax Group - our portfolio of tax sites:
