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Halifax PIP - in Trust - Tax
abaz
Posts: 1 Newbie
I am a recently-appointed trustee for a Halifax Personal Investment Plan my father-in-law took out 8 years ago. It is in Trust for his (now grown-up) children. There would now be no inheritance tax liability, but I can't get my head around the Capital Gains Tax implication, if the funds were distributed to the beneficiaries either now or after his death. In either event, would the trustees have to pay CGT on the total growth in value over the whole 8 years? Or is it only payable by the beneficiaries on any gain after the bond is wound up and the proceeds passed on to them? Is the answer the same on distribution pre or post his death? The PIP is one of those which has life cover (not on the settlor's life), if this makes a difference.
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