Trusts and tax (for P6 (UK)) - part 2: self-test

Test your understanding

(1). Which one of the following is a valid description of the remainderman of an interest in possession trust?

A The person who receives any income remaining after payments have been made to the beneficiary.
B The person who is entitled to the reversionary interest.

(2). State whether the following statements are true or false.

A The creation of a trust with an immediate post-death interest is a potentially exempt transfer.
B A 10-year charge is only levied on relevant property trusts.

(3). What are the IHT implications of a transfer of property from a relevant property trust to a beneficiary?