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- Tax treatment of an IPDI – IHT on creation. Often an exempt life tenant and chargeable remainder beneficiaries (e.g. life interest to spouse then remainder to children) but what about the opposite case – e.g. life interest to unmarried partner than remainder to charity?
- Is the life tenant content? Does the life interest give them sufficient support? Is there a risk of challenge from e.g. a claim under the Inheritance (Provision for Family and Dependants) Act 1975?
- If either of the above points suggest the life interest trust is not the best route, how can it be altered? A post-death variation, trust partition or disclaimer? What are the different tax implications of each?
- Will the trust need to be registered?
Ongoing issues during trust's existence
- Is the life tenant also a trustee? Issues with self-dealing and problems on loss of capacity.
- Income tax treatment while in existence (potential tax reclaim and impact of mandating income)
- Capital distributions, either advances to life tenant or potentially exercising an overriding power of appointment to pass capital to another beneficiary. IHT and CGT impact.
- Investment policy
- Trust expenses – income or capital?
End of trust (either life tenant's death or advance/appointment of all capital
- IHT/CGT position
- Is a life interest or shorter-term IIP going to satisfy a surviving spouse, or risk a 1975 Act claim?
- When is a life interest or shorter-term IIP a good solution to a 1975 Act claim, either by spouses or by other classes of applicant?
Tips & Traps in Administering an interest
in possession trust
Webinar - Monday March 29th, 12.30 - 2pm
Tim Fullerlove, Partner, Wilsons Solicitors LLP
Imogen Lea, Consultant, Wilsons Solicitors LLP
Alexander Learmonth, New Square Chambers