H&W own house jointly.
H makes provision in his will that his half share shall be held in liferent for W, with the asset ultimately going to the children.
Is the transfer of value of the house on death of H an exempt transfer or not.
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Inheritance Tax on will trust
No IHT on disposition to Wife (when H dies): gift to spouse exemption.
Value of house is aggregated with W's estate when W dies, and IHT payable by her estate.
W may benefit from two Nil Rate Bands if H did not make use of his on H's death e.g. If NRB is £325,000 (no IHT in the first £325,000 of the estate) then W's estate is 0% on the first £650,000.