NIL: RATE BAND DISCRETIONARY TRUST

bewilderedasalways

my wife died last Nov ands her death invoked a NRB trust, it was a pre 2007 way to avoid IHT. Our combined assets are nowhere near IHT threshold, but I want to close this NRB. Our Property title has a standard FORM A Restriction 'no disposition by a sole prprietor....etc' which I can remove witha RX3 through Land Registry but I need a 'KEY NUMBER' to do so. Will Land Registry issue me with a key nimber? if not how do I obtain this KR? Thanks -this has been discussed in previous threads but I am unable to open these now closed threads. 

poseidon1

The starting point for terminating the trust is not the land registry, but the execution of a trust deed appointing the trust assets to a specific beneficary ( yourself maybe?).

By coincide there is another thread running covering the intricacies of bringing a discretionary trust to an end so rather than repeat myself the following thread is worth a read.

https://forums.moneysavingexpert.com/discussion/comment/81733628#Comment_81733628

You mentioned the joint estate of yourself and spouse is no where near the IHT thresholds ( £1 million).  However you should be aware that whatever you do with the trust, as long as your wife had assets at death of sufficient value to fill the NRB trust in its entirety, you will lose the benefit of her NRB on your eventual death.
That is the unfortunate effect of these NRB discretionary trusts, and why they disappeared as part of standard wills planning when transferable NRBs were introduced in October 2009.

Hopefully you have an appropriately qualified solicitor on hand to handle the drafting of the relevant trust deed,  and advise how this affects the tax position  of your estate going forward. 

Keep_pedalling

Unfortunately as these two threads show there must be a lot of old unreviewed wills with these long forgotten trusts waiting to cause a lot of painful sorting out at the worst of times.