Aiming to complete the correct form for my late father's estate. I've got to Q4 of IHT205. I'm trying to clarify the question:
"Did the deceased have the right to receive the benefit from any assets held in a trust that were treated as part of their estate for Inheritance Tax purposes?"
The house my father lived in was owned 50% by him and 50% in a NRB trust set up upon the death of my mother 20 years ago (tenants in common). My father, myself and my sister are all trustees. Myself and my sister are equal beneficiaries of my father's will and, now that he has passed away, Mum's will trust. My reading of this is that the assets held in trust are the estate of my mother for inheritance tax purposes and therefore I can carry on with IHT205. Is this correct? (Or wishful thinking!)
Many thanks
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