In 1999 our client created a Discretionary trust the beneficiaries being his widow children and grandchildren. In 2014 he made a further Discretionary trust with the same class of beneficiaries.
Since the inception of both trusts there have been no additions beyond accumulated income and no exits.
As far as we are aware, the settlements although similar are not related.
Can someone please advise whether both trusts have their own full NRB of £325,000 or is there a single NRB split between them as this will impact on the (overdue) 10-year charge return.