Trusts & CEG's

Trusts & CEG's

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I have a discretionary trust which rec'd a CEG 05/06. The person who created the trust is long dead. Does anyone know:-

1) on who the CEG should be taxed?

2) Whether it needs to be shown in the trust ITR? &

3) Can any top slicing relief be claimed?

Many thanks
susan mason

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By User deleted
23rd Oct 2006 17:36

Might or might not
It took me a few minutes to figure out what a "CEG" was --it's all this texting that is responsible.
To business. With the settlor of the policy dead, the Trustees are responsible for paying the RAT (I can do it too) rate on the gain which is treated as reportable income. No top-slicing, I am afraid.
If by long dead, you mean pre-March 1998 and the policy came into force prior to then as well, everyone can forget it vis-a -vis HMRC.

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