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Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question.
What is the exact nature of the trust created by your Father's will and when does it terminate?
Once I know this we can move ahead with solving your conundrum.
The trust terminated upon my mother's death. This exact nature question I find difficult to answer - sorry. I know it was not an absolute or discretionary trust.
All I know is there was never any of her investments transferred to my name.
Presumably though, on her demise you inherited the residue. As the IHT Office have signed off the account the moneys come to you free of tax. The value of the funds inheroited is irrelevant. The only tax you might incur is if you invest thse funds. Then any income or capital gains will be on your Income and Capital Gains Tax computations.
I do hope that I have shed some light on your position.
Yes - on her death I inherited the residue.
Thank you for your help.
Delighted to have been of assistance.
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