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HMRC internal manual

Inheritance Tax Manual

Discretionary trusts: trustees

The trustees exercise the discretionary powers of accumulation and appointment for the trust. They do not own the property themselves. (IHTM16050)

They are accountable for delivery of an account for chargeable events on the trust. (IHTM10836)

The trustees are liable for payment of inheritance tax on the trust. (IHTM30091)

(The initial transfer of property into the trust is primarily the responsibility of the settlor. IHTM42251)