Help please. My client has sold land which was in a Declaration of Trust. The trust was never registered although drawn up by a solicitor. The trust deed states that the the property and net proceeds of sale until sale of the property in Trust will be held for themselves and the beneficiaries as tenants in common. Could you please let me know who will be reponsible for the CGT on the sale. Many thanks
The absolute beneficial owners are making the gain for tax purposes (as per s.60(1) TCGA).
The bare trust should still be registered as a non-taxable trust and then shut down once the funds have been distributed.