If the shares are held in trust for the child as beneficiary, then yes there can be a change of legal ownership without incurring capital gains tax. The reason being there hasn't been a change in the beneficial owner. The child is simply obtaining complete legal title. It is no different to any other asset, including a house.
Whilst this may seem like an advantage, there are obvious pitfalls which have been pointed out. That is, if the income generated exceeds the allowable limit for the child. They will then incur tax at a much higher rate.
It is this provision which aims to stop parents simply dumping large sums under their child's name. It's the income tax that will ultimately bite, not CGT.
Despite what you will read (mostly crap)... trust structures for children aren't what they used to be. It was a rort and thankfully the tax office has closed the loophole.
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