Death of life tenant - what happens...

Rental Property held on life interest trust.
no remainderman (probably).
IHT on life tenants estate.
Asset passes via life tenants Will.
No cgt as trustees deemed to repurchase at MV.

Any RNRB if Will passes to children of life tenant?

Is this a PET?

Do we need a remainderman?

Thanks

Lucy Orrow
Lambert Chapman LLP