Pre BN25, the base cost of assets in a IIP trust were rebased to market value for CGT purposes when the life beneficiary died and the assets were then distributed.
Is this still the case for IIPs in existance before the budget, but distributing the assets now?
Seems a straight forward query but I can't find the answer.
Still CGT uplift in IIP trusts?
3 posts • Page 1 of 1
by Anthony Nixon on Fri May 19, 2006 1:04 am
Yes there is no change to the CGT rules for IIP trusts in existence on budget day where the IIP beneficiary dies sunsequently.
The new provisions (in Paragraphs 29 onwards of Schedule 20 to the Finance Bill) restrict this only for IIPs coming into existence after budget day.
Anthony Nixon
Solicitor, Chartered Tax Adviser and Trust and Estate Practitioner
Partner, Lester Aldridge Solicitors
Southampton
Tel: 023 8082 7442
Email: anthony.nixon@la-law.com
Website:www.lester-aldridge.com
The new provisions (in Paragraphs 29 onwards of Schedule 20 to the Finance Bill) restrict this only for IIPs coming into existence after budget day.
Anthony Nixon
Solicitor, Chartered Tax Adviser and Trust and Estate Practitioner
Partner, Lester Aldridge Solicitors
Southampton
Tel: 023 8082 7442
Email: anthony.nixon@la-law.com
Website:www.lester-aldridge.com
- Anthony Nixon
- Posts: 383
- Joined: Wed Aug 06, 2008 2:18 pm
3 posts • Page 1 of 1
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