[madaxe_again]

Lol nah. The assets are held by a trust. The trust, being a friendly bunch, loan you capital which it gets by liquidating assets, at a rate of 0% with “don’t worry about it” default terms. You’ll probably pay a management fee for each loan.

You croak, your heirs become the beneficiaries of the trust. Rinse, repeat.

[Manuel_D]

In this case, the beneficiaries of the trust pay income tax on the money they receive from the trust.

[madaxe_again]

You don’t pay income tax on loans, and the trust exists in a place with no CGT.

[Manuel_D]

It doesn't matter where the trust exists, what matters is that the people drawing from the trust pay income taxes on that money.