The following Private Client Q&A Produced in partnership with Oliver Auld of Charles Russell Speechlys LLP provides comprehensive and up to date legal information covering:
The beneficiary of a nil rate band (NRB) discretionary trust will generally be entitled to an accounting in relation to the estate assets that are comprised in that trust, including how the available nil rate band was calculated and the basis on which those assets were apportioned to it. This information could be contained in the first set of trust accounts. However, the beneficiary is likely to be entitled to see the underlying documents that justify those accounts as well. The beneficiary will not generally be entitled to an accounting of the other assets in the estate, unless in some way it had a bearing on the composition of the assets in the NRB discretionary trust.
It was held by the Privy Council in the case of Schmidt v Rosewood Schmidt Ltd (and is treated as established law) that no beneficiary of a discretionar
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