I am assisting the trustees with a TYA calculation and note the trust was originally set up by way of deed of variation.
The residuary beneficiary varied £250,000 of their share of their Father’s estate to be transferred into a discretionary trust. The estate was worth over £4m with only a nil rate band available and therefore, IHT was paid.
Assuming the deceased is the settlor for IHT purposes, is there a nil rate band available to the trustees when calculating the TYA charge?
Thanks,
Holly