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A query is made regarding how the trustee and the beneficiaries are taxed for ISD and IIVTNU in the event of a legacy with power of disposal. The DGT explains that the power of disposal determines whether taxation is based on usufruct or full ownership.
First question raised: How the legacy is taxed for Inheritance and Gift Tax for the trustee and the beneficiaries, both if the trustee accepts the legacy with the power of disposal established in the will, and if the trustee accepts the legacy but waives the power of disposal.
If the trustee accepts the legacy with power of disposal, they are taxed on full ownership for ISD and IIVTNU. In this case, upon the death of the trustee, the beneficiaries are taxed on the current value, and the trustee (or their heirs) is entitled to the refund of the portion corresponding to the non-disposed bare ownership. If they did not have power of disposal, they would be taxed on usufruct for ISD and IIVTNU.
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