Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Warning definition

What does Warning mean? In probate practice, a warning is a formal notice issued from the Probate Registry at the request of someone seeking a grant of probate or letters of administration. It calls on the caveator to enter an appearance within a set period, stating their interest and grounds. If no appearance is entered, the caveat can be warned off and the grant sealed; if an appearance is entered, the caveat stands and the matter proceeds as a contentious probate dispute. In England and Wales, the procedure is set out in the Non-Contentious Probate Rules 1987 (including rr 45–46). A warning...

Finance Act 2006: UK IHT changes to trust taxation—relevant property regime, pre/post‑22 March treatment of IIPs, A&M and discretionary trusts, children’s trusts and transitional rules

Published by a LexisNexis Private Client expert

Practice notes

ARCHIVED: This Practice Note has been archived and is not maintained.

22 March 2006 marked the day of the 2006 Budget which, without any prior notice or consultation whatsoever, ushered in far‑reaching reforms to the Inheritance tax (IHT) treatment of trusts. That date stands as a watershed for the IHT treatment of trusts, because many of the principal changes took immediate effect.

The first step in identifying the correct IHT position of any trust is, in the first instance, to determine whether it was created before or after 22 March 2006. Before that date, there were three principal categories of trust for IHT purposes, namely:

Relevant property trusts (typically discretionary trusts)
interest in possession (IIP) trusts
accumulation and maintenance (A&M) trusts

On 22 March 2006, the relevant property regime was extended to encompass nearly all new lifetime trusts, whether structured as discretionary, IIP or A&M in form. In addition, the addition of property to existing trusts—save for disabled trusts, bare trusts and certain premiums paid in respect of life policy trusts—was likewise brought within the relevant property regime...

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Web page updated on 21/05/2026

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