Hi All
I have a client who has set up a trust post Oct 2024, in Feb 2025. The trust holds £5m of BPR relevant assets and under the forestalling rules, I understand that there is no entry charge but he must survive 7 years from making this transfer otherwise the restrictions in the budget that relate to BPR will apply and a charge will arise on death
However, this is a settlor interested trust so my understanding would be that due to GWR the 7 year clock is not ticking, so there will still be a charge on death together with the 10 year/exit charge position also being relevant, as it is a valid RPT.
I can’t see anything in the legislation that deals specifically with the settlor interested trust point
Thanks all