Commentary

I1.538 Interests in companies held by trustees of settled property

IHT, trusts and estates

I1.538 Interests in companies held by trustees of settled property

I1.538 Interests in companies held by trustees of settled property

Where trustees are participators in a close company which makes a transfer of value, the amount of the transfer apportioned to the trustees (see I1.536 above) is treated as being a partial termination of an interest in possession, or a disposition diminishing the value of relevant property or favoured trust property, according to what trusts subsist in the settled property1 (see I5.229, I5.307, I6.132).

Where there is alteration in unquoted securities of a close company (see I1.537 above) held by trustees it is treated as a disposition by them, and where

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial