Commentary

I1.528 Favoured trusts for children and young adults

IHT, trusts and estates

I1.528 Favoured trusts for children and young adults

I1.528 Favoured trusts for children and young adults

There are a number of trusts for children and young adults where the inheritance tax ten-year or exit charges do not apply. They are often referred to as favoured trusts and include the following:

  1.  

    (a)     for trusts created or falling into possession before 22 March 2006, accumulation and maintenance trusts within IHTA 1984, s 71 (I5.511–I5.545). Before 22 March 2006 there was a favoured category of accumulation and maintenance trusts under IHTA 1984, s 71 which were settlements for persons under the age of 25 years where one or more of them ('the beneficiaries') would, on or before attaining that age, become beneficially entitled to the settled property or to

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