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  • Tax reclaim relating to income from discretionary trust

    I have read the, which says: Accumulation or discretionary trusts With these trusts all income received by beneficiaries is treated as though it has already been taxed at 45%. If you’re an additional rate taxpayer there will be no more tax to pay. You may be able to claim tax back on trust income you’ve received if any of the following apply: you’re a non-taxpayer you pay tax at the basic rate of 20% you pay tax at the higher rate of 40% If a beneficiary normally files a Self Assessment return, and they report the income received, will that process be sufficient for them to claim any tax back? Thanks
  • RE: Estimating historic value of inherited property

    Thank you for your reply. If it transpires that the probate value was low compared with current estate agent valuations, can the latter be used?
  • CGT treatment of property sale

    A property is being sold, which was my parent's home. My father died in 2014, and half the property become part of a discretionary trust. The other half remained my mother's, and she lived in the home from 2014 to August 2022m when she went into residential careOn sale of the property, what is the treatment of any CGT? I assume my mother's half is not subject to CGT, since the property was her private residence, and the sale is underway within 36 months of her entry to residential care. Is the other half subject to CGT by the trustees? My mother is now a disabled person (being in care and in receipt of Attendance Allowance); and she a beneficiary of the discretionary trust. Is any relief available to the trustees in relation to my mother's disability?
  • Estimating historic value of inherited property

    How can I estimate the historic value of a property acquired by a Trust. The Trust was created on the death of my father. Is it acceptable to use, for example, the Nationwide Property valuation index, to estimate the historic value starting from today's market value? Thanks