reporting requirements on winding up offshore trust

reporting requirements on winding up offshore trus

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does UK resident beneficiary (in self-assessment) have to report receipt of capital sum she received on the winding up of offshore trust where the trust was established offshore by her non uk resident non uk domiciled father?

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By Marion Hayes
15th Sep 2016 22:56

It depends on the history of the trust. Are there any Capital Gains which form part of this distribution?

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By nick farrow
16th Sep 2016 09:29

thank you Marion - the capital gains have already been ascertained and distributed to a non-UK resident non-UK domiciled beneficiary - the sum is pure capital

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By Marion Hayes
17th Sep 2016 18:48

I would say no then, as there are no liabilities arising.
Having said that though, if the injection of capital makes a difference on her return profile I would be tempted to make a white space note where the increased income appears explaining the source and stressing that there was no liability on the funds received. I like to answer the obvious questions before they have chance to ask them.

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By nick farrow
19th Sep 2016 09:34

thanks Marion

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