Features and benefits

Eligibility

  • The settlor must be 18 years or over and of full mental capacity
  • We will not normally accept trusts created under a power of attorney
  • Joint or single settlements available
  • Only for use in conjunction with existing Regular Savings Plans

Features

  • Death benefits payable to remaining trustees for onward distribution to trust beneficiaries without the need for probate
  • Death benefits outside settlor's estate for inheritance tax purposes
  • Provides settlor with unfettered access to maturity benefits, if living at the plan maturity date, and to critical illness benefits in the event of a critical illness

Inheritance tax (IHT)

  • Regular premium payments usually exempt gifts, for example, if made out of surplus income but will otherwise be chargeable
  • Death benefits held outside settlor's estate for inheritance tax purposes
  • Maturity benefits and critical illness benefits (if any) held for the settlor with no gift with reservation issues

IHT reporting

  • IHT100 reporting requirements and inheritance tax charges may apply every 10 years (periodic charges) or when trust capital is paid to beneficiaries (exit charges)

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Scottish Widows Limited. Registered in England and Wales No. 3196171. Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 181655.

Scottish Widows Unit Trust Managers Limited. Registered in England and Wales No. 1629925. Registered Office in the United Kingdom at Charlton Place, Andover, Hampshire SP10 1RE. Tel: 0345 300 2244. Authorised and regulated by the Financial Conduct Authority. Financial Services Register number 122129.

HBOS Investment Fund Managers Limited, registered in England number 941082. Registered office in the United Kingdom at Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority. Financial Services Register number 119223.

Scottish Widows Bank is a trading name of Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales, no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 119278.

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