I’m acting for the trustees of a pre2006 IIP trust. The life tenant died a couple of years ago and the remainder provision is ‘for such charity or charities as my trustees may choose’. Nothing has been done by the trustees.
In addition there is an overriding power of appointment exerciseable at any time during the 80 year trust period.
The trustees want to exercise the power of appointment to transfer the trust assets to a new discretionary trust. This must be a chargeable transfer with no NRB and chargeable at 40%. I keep thinking I’m missing something?