Hello,
I have a discretionary trust setup. Initially was to be used to buy commercial property but didnt end up doing so.
I am thinking whether to transfer my principal place of residence to the trust so that when I want to pass the property to my daughters in 20 years time ill just make them directors of the trust instead of triggering stamp duty transfer costs and triggering CGT when I transfer to them. However I spoke to an accountant today and they said theres no benefit in transferring a PPR to a trust. I understand that if I transfer the property to a trust now ill incur a CGT and pay higher land tax.. but if say I bought the property for $1.1m isnt it better to transfer and pay CGT on $100k gain today (assume $1.2m worth in 2024) than have my daughters pay CGT on $1.2m gain in 2044 (assume worth $2.4m in 20 years time)? Happy to be corrected
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