I have not dealt with IHT or Trust & Estate Tax before...
My friend daughters inherited everything from her dad in 2012-2014 (he passed in 2012 everything was completed by 2014 and put into a Trust until she is 25yrs old as per his wishes). I have not been involved from the start... solicitor & trustees (2) were dealing with everything. last year they asked me to have a look... i cannot find any IHT paid in any of the solicitor paperwork... Is this correct? He is not replying to me when I ask these specific questions. I understand there is a annual tax return to complete on behalf of trust income tax SA900 (trust now has 2 properties which are rented out).
But i am worried no IHT has been paid and might have been due as the threshold was £325k and the death in benefit payout and the property value took total pot to about £425k ish... Or is there an exemption because all assets and monies were put into a Trust until she is 25?
And the daughter has only had £930 for a school trip... how is this declared? Where?