What is the IHT treatment of the bare trust?

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The premiums may be covered by an exemption such as the annual exemption or normal expenditure out of income exemption. To the extent that they aren’t exempt, they will be potentially exempt transfers.

The beneficiaries have the trust fund value within their IHT estates. If one of the beneficiaries dies, their share of the trust fund will devolve in accordance with the terms of their will or the intestacy rules.