Q&As

When matching offshore trust gains to capital payments made to beneficiaries, can capital losses in the offshore trust one year be set against trust gains in later years?

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Published on LexisPSL on 08/07/2015

The following Private Client Q&A provides comprehensive and up to date legal information covering:

  • When matching offshore trust gains to capital payments made to beneficiaries, can capital losses in the offshore trust one year be set against trust gains in later years?

When matching offshore trust gains to capital payments made to beneficiaries, can capital losses in the offshore trust one year be set against trust gains in later years?

Please note that this Q&A covers a situation where there are no offshore income gains or available relevant income and the trust was established after 5 April 2009.

Our Practice Note: Offshore trusts—matching capital payments—section 87 TCGA 1992 sets out that the first step of the matching process under TCGA 1992, s 87A is to determine the s 2(2) amount for the relevant year. Such computation takes trust losses into account. To

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