Commentary

E1.448 Life insurance gains—UK resident trustees

Personal and employment tax

E1.448 Life insurance gains—UK resident trustees

E1.448 Life insurance gains—UK resident trustees

Trustees are liable to tax on a gain1, and the gain is treated for income tax purposes as their income2, if immediately before the chargeable event they are UK resident and any of the following conditions is met:

  1.  

    (1)     The trustees hold the rights under a charitable trust; in such a case the gain is charged at the basic rate3

  2.  

    (2)     The trustees hold the rights under a non-charitable trust and the settlor is not resident in the UK (or UK resident but the gain arises in the overseas part of a split tax

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