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15 May 2012
A non-charitable trust was established in March 1998, with the settlor’s grandchildren as beneficiaries. The settlor died in April 2010 and a bond held by the trust matured at the end of 2010/11
I act for the trustees of a non-charitable discretionary trust which was set up by my client A on 7 March 1998.
The beneficiaries of the trust are the grandchildren of A who died on 17 April 2010.
Some years ago the trustees invested in an insurance bond (not on the life of A). The insurance bond was surrendered on 2 April 2011 showing a five-figure gain.
I have a disagreement with the investment advisers to the trust as to who should be assessed to tax on this gain. Is it:
- the executors of A – under ITTOIA 2005 s 465 (as would certainly have been the case had A been alive at the date of surrender on 2 April 2011); or
- the trustees of the trust – under
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