My firm are the Trustees of a will trust established in 1950 to pay the income to a life tenant for her life time. The life tenant sold her life interest for consideration in the 1960’s to a reversionary interest company who have received the income ever since. Life tenant passed away earlier this month with the trust now distributable to her children. I don’t believe the trust forms part of her estate and would instead be taxed as relevant property but I would be grateful for a little clarity on this.
Attwaters Jameson Hill