My clients husband and wife own a buy to let property as tenants in common.
This property is valued at £300,000.
They each wish to gift their share to 1 discretionary trust for the benefit of their adult son.
It has been brought to my attention that there may be concerns over 2 settlors for the same DT in that the income tax rules can become complex after first death of one of the settlors as you have two sets of rules applying to one trust (settlor alive/dead).
I would appreciate if someone could shed more light on this point as I am unaware of this potential income tax issue.