Family trusts face new limits: Cousins & non-relatives no longer eligible as 'beneficiaries'

The recent tribunal ruling mandates that family trusts cannot add non-relatives as beneficiaries without facing tax implications. The decision affects the flexibility of trusts in succession planning, emphasizing that partnership interests qualify as shares and are taxable under section 56(2)(x).

from News-Economic Times https://ift.tt/QACPkG3