Investment bond assigned out of Trust for no money or money's worth.
We have a qualifying IIP that has an investment bond worth circa £200,000.
The Trustees have agreed to assign the bond to the beneficiary who is then likely to cash it in and pay any income tax due on the gain.
Is there any tax on the first step, the assignment out of the Trust to the beneficiary? Is it treated as a sale at that point or is there a specific exemption? I think it is a gift and no tax arrises?
Any help would be very much appreciated.
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