Discretionary Trust 1973 originally made in Jersey

Trusts Discussion
1

Need some help please.
Client has discretionary trust originally made in Jersey 1973.
A family trust.
Last parent died 2024. It was supposedly brought back to UK previously at time of Gordon Brown.
Only asset - 100% shares in family company. Unlisted shares - private company still trading. Deed of Appointment in 1978 states change of Trustees and Trust to hold income for life for benefit of parents (deceased). The Trust to hold capital and income for children, if still living at death. My question is twofold.

  1. Is this still a Discretionary Trust?
  2. Would it gain 100% business relief on IHT?

Many thanks in advance.

2
  1. Probably not, but it depends on the exact terms
  2. Probably, but it depends on the finances/assets of the company

If not discretionary then this probably would have had to have been declared when first parent died so this could/should have been considered then.