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25 July 2017
Advice is required on settlor life interest discretionary trusts.
I have three questions about a trust and hope Taxation readers will be able to advise on these.
- First I have received conflicting opinions on the seven years re-usable inheritance tax nil-rate band for homeowners transferring their residential properties into settlor discretionary life interest trusts. Some say the nil-rate band is re-usable and others disagree on the basis that the transfer is a gift with reservation of benefit. Who is correct?
- Second HMRC states that the new residence nil-rate band (RNRB) allowance may be available on any partly held property but a residential property held in trust does not qualify for it. Let us suppose that a discretionary life interest trust holds a (fixed value) equitable interest in a property up to say the nil-rate band by way of a restriction. The balance of the equity would be left to...
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