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Hello Dave, I am Keith, one of the experts on Just Answer, and pleased to be able to help you wit your question.
There will be an IHT charge due on the Trust every 10 years. There will also be an IHT exit charge on the Trust's dissolution.
I do hope that you have found my reply of assistance.
Trusts are subject to IHT every 10 years and it is now over a decade since FA 2006 went on the statute book. There is also an IHT exit charge when trusts are wound up.
No, I am saying that as a Trustee there are liabilities. Here is the guidance from The Association of Chartered Certified Accountants:
'Capital gains made by the trustees while they are managing the trust assets will give rise to capital gains tax. Trustees may also have to pay inheritance tax in respect of the property held within the trust. Inheritance tax will be paid every 10 years at a maximum of 6% of the value of the assets within the trust.'