IHTM30054 - Definition and extent of liability (PETs): objects of a discretionary trust

Where property is settled by the transfer, IHTA84/S199 (1)(d) imposes liability on any person for whose benefit the settled property, ( IHTM16000) or income from it, is applied ( IHTM30037). The liability extends to the amount of the property or income. The amount is net of any income tax paid.