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Simon Gore Consulting Ltd

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Agenda

     

Creation

 

- 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

 

Contentious issues


- 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?











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Tips & Traps in Administering an interest

in possession trust

Webinar - Monday March 29th, 12.30 - 2pm

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Presented by

Tim Fullerlove, Partner, Wilsons Solicitors LLP

Imogen Lea, Consultant, Wilsons Solicitors LLP

Alexander Learmonth, New Square Chambers