IHT 418 vs IHT100b(death) - Trusts Discussion - The Trusts Discussion Forum
I have a situation similar to the attached thread and although I believe I have the way forward, I would appreciate confirmation, or otherwise as the case may be.
Deceased daughter (D) was LT of property from her father’s Will (died 2014). TiC - Half share. His Will named D and Ds mum as joint LTs. His Will appointed D and one of her sons as Exors/Trustee.
Mum died in 2020. Mum’s Will created LT in her half share for D. Her Will appointed D and both her sons as Exors/Trustees.
D obtained Probate personally for Mum and Dad’s estates concurrently with Power Reserved to the son/sons. Property title was never updated with Trustees.
D has recently died intestate leaving husband (H) and 2 children from previous marriage. Ds free estate circa £15K so Grant unlikely required by bank.
Whole prop value approx. £250K - £300K but as 2 Trusts, is not excepted estate anyway.
My thinking
I believe IHT 400 required signed by H submitted with 2 IHT 418s (with D36s) - 1 signed by co Trustee son from Ds father’s Will, the other signed by both sons as Trustees named in Ds mum’s Will. IHT 100 not required. Do members agree?
Even though unlikely Grant required re: free estate, should I advise Grant obtained (belt and braces) by H, or carry on with IHT 400 etc and 2 418s only?
Then
As props still in name of both deceased’s, I believe second grant to Power Reserved sons in their Grandmother’s estate required to sell the property as they are not on Title. This will give 2 PRs in respect of TiC restriction. Do members agree?
Finally
Both Trusts were registered as non-taxable but should these now be registered as taxable for UTRs to include in IHT418s?
My understanding as LT ended on death, a CGT PPR claim is not required.
Do members agree?
Many thanks