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HMRC internal manual

Inheritance Tax Manual

HM Revenue & Customs
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Foreign Property in a trust: FOTRA securities

If the trust property includes government securities which qualify as FOTRA securities (IHTM04306) they are exempt from IHT if the life tenant is not (or all of the objects of a discretionary settlement are not) ordinarily resident in the UK. - IHTA84/S48 (4).