I was recently asked this rather interesting question and my response was “Yes, most definitely”. Why? My reply stands on two pillars – Firstly, the capital which would be an asset of some kind, such as fixed property or shares in a company, has not been distributed, it is either still held by the trust or has been disposed of by the trust. Either way, that’s a separate transaction from the Capital Gain. The separation of the capital gain has not changed the asset. It is still a piece of fixed property or it is still the same shares. Secondly,…
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