Money received from a TRUST
I have a client who has received £52000 from a trust.
Property was gifted to the trust by his father about 20 years ago. The property has been rented out as a business and the rental income was set up to go to my clients mother. The property has now been sold and in accordance with the trust the proceeds has been split between the three sons.
Are there any Capiatal Gains implications for my client? I assume not
as the property was not owned by him, but one third of the proceeds gifted to him via the trust. I was not sure if he had to declare one third of any gain in value since the trust was set up.