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Loan Write offs in Discretionary Trusts

Loan Write offs in Discretionary Trusts

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I have a number of clients who have set up discretionary will trusts and have assets invested into these trusts using the nil rate band. A number of the beneficiaries have taken loans out of these trusts with the knowledge of the trustees and properly registered as a loan. If these loans were deemed to be written off is there a tax consequence for the beneficiary such as the loan being treated as income on year of write off and taxed at the beneficiaries marginal rate. Please advise

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