'At what stage does the trust become liable for its tax of 6 per cent in the first year?' Photograph: iStockMy father died two years ago leaving property assets in a discretionary family trust set up during his lifetime. At what stage does the trust become liable for its tax ; at the date of demise or at the date of transfer of assets into the trust? I cannot get a clear answer to this question.
The tax is payable within four months of the valuation date of the inheritance deemed to be taken by the trustees .
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