Ten years ago I settled the family house in a Discretionary Trust. The trustees are myself, my wife, and 4 adult children. I and my wife continued to, and still, live in the house and neither of us pay rent to the trust. Does this mean that when I die the value of the housewill be treated as my estate with the value over 325000 subject to IHT, but if my wife is still alive, will it be the value over 650000 to which IHT applies?
It may be of no relevance but the Trust will be paying IHT (at I think 6%) next year on its ten anniversary.
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