Commentary

I5.534 Expiry of the 25-year condition

IHT, trusts and estates

I5.534 Expiry of the 25-year condition

I5.534 Expiry of the 25-year condition

If this 25-year period runs out before 6 April 2008 and before the beneficiaries become entitled to absolute interests or interests in possession in the property (and the common grandparent condition does not apply) there will be an IHT charge, when the period runs out1 (see I5.532). It seems there will be an IHT charge under IHTA 1984, s 71(3) even if immediately after the period runs out and the settled property ceases to be property to which s 71 applies, it falls into the new regime for 18–25 trusts under IHTA 1984, s

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial