Offshore Funds
07/08/1998
Query
Whether gains arising from the disposal of a material interest in an offshore funds held under a trust are assessable on the trustee or on the beneficiary.
Decision
Under general law, such gains form part of the capital of the trust and accordingly are not available for distribution to the beneficiary. Therefore, they are assessable on the trustee.
Income Tax
Section 741, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT972507