When does property become relevant?

[SuperSpurs106]

Hi,

My late father in law set up a discretionary trust with £10 in December 2014.

He died in July 2017, leaving a property, cash and shares.

Sorting out the shares took ages and when they were finally sold to cash and the cash transferred into the trust it was around January 2019.

The value of the shares were significantly higher than the value of the other assets.

For the purpose of calculating exit charges and the relief available for the number of 1/4s between the date the trust was set up and the date the property became relevant, did the shares become relevant property at date of death or once probate was sorted and the cash went into the trust in January 2019?

TIA

[AGoodman]

I'd be inclined to think from death because, at that point, the trustees had a chose in action against the estate.

Plus, s.83 IHTA (Property becoming settled on a death):

Property which becomes comprised in a settlement in pursuance of a will or intestacy shall for the purposes of this Chapter be taken to have become comprised in it on the death of the testator or intestate (whether it occurred before or after the passing of this Act).

[SuperSpurs106]

Thank you for that, that was my inclination.