Where a UK resident created an offshore settlement under which he was a member of the class of potential beneficiaries, and the trust made loans to him which did not carry interest and where no request was in fact made for repayment over long periods, the loan amounted to a capital payment under the act as a ‘transfer of an asset and the conferring of any other benefit’ and so was chargeable to Capital Gains Tax.
Citations:
Gazette 10-Feb-2000, Times 25-Feb-2000
Statutes:
Taxation of Chargeable Gains Act 1992 87, 97
Capital Gains Tax
Updated: 15 May 2022; Ref: scu.79479