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Assigning assets out of a Trust

Cartouche · 2016-12-30 18:52:20

When a Trustee to a Discretionary Trust (created by a Will) assigns assets out to a beneficiary, is that deemed to be a gift for taxation purposes, or an inheritance, as the beneficiary was named in the will ?

30-12-2016 6:52pm

#1

Cartouche

Closed Accounts Posts: 248 ✭✭

Join Date: October 2016

Posts: 235

When a Trustee to a Discretionary Trust (created by a Will) assigns assets out to a beneficiary, is that deemed to be a gift for taxation purposes, or an inheritance, as the beneficiary was named in the will ?

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#2 02-01-2017 1:01pm

Heisenburg81

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Cartouche wrote: »

When a Trustee to a Discretionary Trust (created by a Will) assigns assets out to a beneficiary, is that deemed to be a gift for taxation purposes, or an inheritance, as the beneficiary was named in the will ?

Inheritance - Taxable CAT event deferred until assignment.

CAT only capital tax for beneficiaries on assignment out of trust for inheritance. Market value of assets at time of assignment by trustees.
Credit for any Income Tax paid during admin period against CAT.

CGT payable by trustees on any capital appreciation during the administration period.

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