APPLICATION OF PARAGRAPHS 51 AND 51A OF THE EIGHTH SCHEDULE TO THE INCOME TAX ACT
Could someone provide some clarity regarding the following situation:
A property is owned by a Will Trust with four beneficiaries. The Will Trust wants to transfer the property to the spouse of a beneficiary (this beneficiary is deceased).
- Would PARAGRAPHS 51 or 51A apply?
- Is the spouse considered a connected person in relation to the Trust?
- Date of disposal - date of vested interest?
- How would the base cost be calculated?
- Are there any further requirements to take into consideration in respect of the above situation?