I have a QIIP Trust, which comprises of 3 assets:
> a residential property
> rental income derived from the residential property
> Investment portfolio
The husband (exiting life tenant) died in January 2020, left his entire share of trust assets in an equal 50/50 split. 50% of trust assets went to his daughter absolutely (who was entitled to the capital), whilst the remaining 50% went to his surviving spouse who can derive interest and assumes the position of life tenant. Upon the wife's death, the daughter will become absolutely entitled to the remaining 50% share, and therefore the entire trust property.
I understand that should the wife want to surrender her share and transfer it out of the trust to her daughter within her lifetime, that this would be treated as a deemed disposal on the trustees, and any gain calculated in accordance with ordinary CGT principles. But what would be the implication should the daughter want to transfer her share of absolute property (the capital) out of the trust and into her name personally in the mean time. Would this also constitute a disposal on the trustees?
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