Jimbob

Thank you

If an old farmer transfers, say, £900,000 pounds worth of farm land to his (non farming) grown-up son, and then a week later that son immediately transfers that farm land into an interest in possession trust for his own (also non farming) grown-up son, then: (a) would there be capital gains tax to pay immediately when the second transfer occurs? (b) would this affect future inheritance tax for the estates of both the old farmer and his son if they both died within seven years?

Thank you so much (sorry I forgot I hadn't said thanks)

I'm a beneficiary of an Interest In Possession trust that hardly ever pays anything out. Months after I completed my 2023-2024 tax return, the trustees and accountant sent me an R185 saying I had received income from the trust in that tax year. Actually, I didn't receive anything from the trust that year (or know about this at all), but the trustees/accountant say they will send me the money soon (it's now 8 months after the tax year ended). Is it legal that they are paying me the income in the 2024-2025 tax year, but saying it's from the 2023-2024 tax year? For my own tax return, should I personally treat this as 2023-2024 or 2024-2025 income?