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Inheritance tax

Trust Drafting and Precedents

Geoffrey Shindler OBE and Julie Bell
Bloomsbury Professional
Publication Date:
June 2022
D: SPECIALISED TRUSTS D4: Establishing Trusts under Instruments of Variation There must be a variation Within two years Property comprised in the deceased’s estate Instrument in writing Who may effect a variation or disclaimer? Who may benefit under a variation? Statement Notification If the deed of variation directs money to a charity or to a charitable trust then under section 142 (3A) of IHTA 1984 the variation is not effective unless either the charity is notified or the trustees if the property is to be held for charitable purposes. The need for notification was introduced by the Finance Act 2012 which also introduced the reduced rate of IHT if at least 10 per cent is left to a charity. HMRC guidance states that there is no requirement for the charity, registered club or the trustees to be a party to the deed of variation Consideration Short-term trusts Finance Act ...

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