The settlement: related trusts
Two trusts are related under IHTA84/S62 only if
- the settlor is the same in each case, and
- they commenced on the same day
The trusts do not have to be discretionary to be related.
IHTA84/S62 (2) states that 2 trusts are not related if the property in one or both of the trusts was held for charity without limit of time.
Prior IIP interests
If IHTA84/S80 is in operation, the artificial later date applies in deciding whether trusts were made on the same day. (IHTM42231)