Disposal to interest in possession trust

Disposal to interest in possession trust

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Remembering what happened with the race to bank retirement relief I seem to recall that a number of people transferred businesses to interest in possession trusts. Can I set up somethign similar and tranfer the properties to the trust in which they have the life interest and the kids as the residual beneficiaries and therefor uplift the base cost? AM I missing something more obvious?
Malcolm Binnie

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By AnonymousUser
15th Mar 2006 10:41

Hold over is not an issue
The couple concerned are non residents and will be up until next year so the idea is to trigger the gain to effectively shelter the pregnant gain already accrued. As for IHT there is not too much of an issue in this case at present.

I think you still answered the question however in that it is a disposal at full value (which I eventually found in s70 TCAG92). Thanks.

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