A version of the so-called home loan scheme, involving sale of Mrs E’s home to a trust for her benefit in exchange for a promissory note, then assignment of the note by way of gift to the trustees of a second trust for her children’s benefit, allowed her to remain living in the home rent-free and successfully ‘took advantage of the now historic treatment for IHT purposes of interests in possession in family settlements… without falling foul of either the anti-avoidance provisions enacted in FA 1986 or the approach to construction of fiscal legislation in a tax-avoidance context as explained by the highest courts’: https://caselaw.nationalarchives.gov.uk/ewca/civ/2026/894
Charles Cooper | Barrister & Mediator 