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Lochmore Trust

July 2010 - Finance. Legal Developments by Ogier .

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The settlor applied to court to set aside the Lochmore Trust (the “Trust”) on the grounds of the settlor’s mistake, and all beneficiaries of the Trust had confirmed their consent to the application. Tax advice that the settlor received suggested that shares held by Lochmore (as nominees for the settlor) (the “Shares”) ought to be contributed to the Trust for CGT savings, which contribution being made by way of sale with the price outstanding as a loan rather than a gift into the trust, to avoid an IHT charge at 20%, as the settlor was deemed to be domiciled in the UK for IHT purposes.

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