TRANSITIONAL SERIAL INTERESTS
14/03/2009
The Finance Act 2006 completely changed the way in which trusts were taxed to inheritance tax. In particular it made a distinction between trusts which were special and all other trusts which are subject from 22 March 2006 to the relevant property regime.
A transitional serial interest (TSI) is an example of a special trust; that is one which is not taxed for inheritance purposes in the relevant property regime. To be a TSI it had to be an interest in possession trust which was already in existence on 22 March 2006 and the interest in possession is brought to an end after that date but it is not already a bereaved minor trust or a disabled person’s interest.
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