The following Private Client Q&A provides comprehensive and up to date legal information covering:
It has been assumed that:
A’s interest under the trust holding a 50% share of the house is a qualifying interest in possession (QIIP)
A’s interest under the trust does not fall within section 5(1B) of the Inheritance Tax Act 1984 (IHTA 1984)
the release of A’s interest in possession will terminate the trust
B is not a settlor of the trust
The termination of the QIIP and the gift of the other 50% share are both potentially exempt transfers (PET) made by A, which will become chargeable to IHT if A dies within seven years. See Practice Note: Qualifying interest in possession trusts—IHT treatment, in particular the section entitled ‘Ending of an interest in possession during beneficiary's lifetime’.
Taper relief and A’s nil rate band may be available to r
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