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Reported by MARK McLAUGHLIN
SPEAKERS QUOTED:
- Emma Chamberlain Barrister 5 Stone Buildings
- Chris Whitehouse Barrister 5 Stone Buildings
- Robert Jamieson Partner Mercer & Hole
- Tony Key HMRC
Reverter to settlor trusts
Emma Chamberlain recommended a review of reverter to settlor trusts existing at 22 March 2006.
From 6 April 2008 on a life tenant's death the settled property needs to revert absolutely to the settlor or spouse/civil partner if an inheritance tax charge on the life tenant's death is to be avoided.
For example suppose that son is settlor of a trust holding a house occupied by his father. Father dies in 2009. If the trust fund then reverts to son absolutely there is no IHT charge (IHTA 1984 s 54(1)).
However there is no capital gains tax uplift to market...
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