Guys,
Just a quick one. I’m sure i’ve asked this before but its just gone right out of my head… as things do on a friday avo…[baaa]
If a trust owns a property for more than a year, then sells it and sends the proceeds to to an individual, can that individual claim the CGT benifit?….. or does the individual pay tax on the sum at the full rate.
Cabo Wabo
further to my question: the trust has a corporate trustee.
Cheers people…
Cabo Wabo
My understanding is, the trust pays no tax if money is distributed. Any gain is usually passed on to either a person or a company. The money passed on retains its character, so a gain passed on remains a gain in the hands of the receiver. If a person gets it, then the 50% discount can apply, if the CG goes to a company, then it won’t apply.
Terryw
Discover Home Loans
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Most excellent.
ThanksTerry
Cabo Wabo
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