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HMRC internal manual

Inheritance Tax Manual

Trust created by a variation: procedure when a trust is created

Where the instrument of variation (IoV)creates a trust, you should follow the normal procedures in deciding whether or not you can accept the instrument as meeting the conditions of IHTA84/S142.  Where you decide that you can, you should consider whether 

  • a future claim needs to be recorded and
  • whether HMRC Trusts need to be notified as part of our liaison procedures. For Income Tax purposes the person disposing on the benefit is treated as the settlor. The date of the IoV is the date that the settlement began.