IHT liabilities on Interest in possession trusts

[learner]

Two equal life tennants of an interest in possession trust (trust value £X). First one dies, value of life interest (£1/2X)added to his/her estate for IHT purposes. Trustees take no action. One month later second life tennant dies, what value would be added to his/her estate for IHT purposes.

[Simon Sweetman]

You need to look at quick succession relief - where the disposition is on death the tax is reduced, and for less than one year reduced by 100%.