I would be grateful for views on whether the following would constitute a GWRB (or create a POAT liability) by H:
Husband (H) is the sole owner of a piece of land. H gifts half of his beneficial interest to his wife (W). H and W then settle their respective shares on discretionary trusts (separate trusts) for their children, but the class of discretionary beneficiaries includes “my widow(er) after my death”. Has H therefore retained a (potential) benefit in the asset given to W?
Does the answer come down to whether H’s gift to W and W’s settlement on trust are associated operations? Does it matter whether the trustees of W’s trust actually choose to benefit H?
Many thanks in advance