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Decision Number: |
TC 08776 |
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Appellant:
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JAMES CHARLES PRIDE AS TRUSTEE OF THE ESTATE OF THE LATE GERALDINE JILL PRIDE
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Respondent:
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Her Majesty's Revenue & Customs |
Chairmen / Special
Commissioners: |
Zachary CITRON
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Date Of Decision:
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28/03/2023 |
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Main Category:
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PROCEDURE |
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Main Subcategory:
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Other |
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Notes:
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INHERITANCE TAX– deceased was beneficiary of an interest in possession trust established in 2002 – s49 IHTA 1984 considered – were loan notes issued by the trust a liability to be “taken into account except as otherwise provided” per s5(3)? – St Barbe Green considered – held: yes – did s103 IHTA 1984 apply to abate the loan note liability? – held: yes – did s175A IHTA 1984 apply in the alternative, such that the loan liability would not be taken into account – and did the tribunal have jurisdiction to consider s175A? – held: yes (to both questions) – loan notes (as asset) had been gifted to another family trust of which deceased’s children were beneficiaries – did s102 apply to treat the loan notes (as asset) as part of deceased’s estate? – did children’s trust have exclusive enjoyment of the loan notes (as asset)? – Buzzoni and Hood considered – held: s102 did not apply, as benefit to deceased did not “trench upon” children’s trust’s enjoyment of loan notes |
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Decision(s) to Download:
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TC 08776.pdf 
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