Commentary

I5.647 Lloyd's trust funds and IHT

IHT, trusts and estates

I5.647 Lloyd's trust funds and IHT

I5.647 Lloyd's trust funds and IHT

The various Lloyd's trust funds are not relevant property settlements for the purposes of IHTA 1984, ss 43–93 (Pt III)1. Thus a transfer in or out of a fund does not of itself give rise to a chargeable transfer.

If Lloyd's trust funds are settled property for IHT purposes, in the case of an individual who is a member of Lloyd's his Lloyd's trust funds will be subject to a qualifying interest in possession (QIIP). Pre 22 March 2006, the IHT consequences would for most practical purposes be the same as if the funds

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