I have a bit of conflicting information on this so want to clarify with members of this forum.
This is with regards to 10 year anniversary charge for a foreign trust whose trustees are non-resident and the settlor is/was not domiciled in the UK. i.e. it is an excluded property trust.
The assets are owned directly by the trustees (rather than by an underlying non-resident company). These are non-residential property assets.
What is HMRC practice on filling of the IHT100 if the UK assets value is less than 80% of nil rate band? Is the account required?
I understand that where the trust falls under excepted settlements than 10-year IHT account is not required if the chargeable event does not exceed 80% of the IHT nil rate band.