Where property is comprised in a settlement events may occur which give rise to a chargeable transfer, such as principal (ten year charges), exit charges or the termination of a qualifying life interest other than on death1. Trustees are primarily liable for the payment of any IHT even if the beneficiary of the chargeable transfer has undertaken to pay it2.
Where there would otherwise not be any trustees in relation to settled property, for example where property subject to a lease for life is treated as settled property (see I5.116), the trustees are the persons in whom the settled property or its management is for the time being vested3.
Property includes any property directly or indirectly representing it so that if the property has been sold the proceeds of sale may be traced into
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Web page updated on 17 Mar 2025 17:09