IHTM42240 - Discretionary trusts: trustees

The trustees for the purposes of Inheritance Tax are the same as those for Trust law but if there is no such trustee the trustees will be the person(s) in whom the trust assets or its management is vested (IHTA/S44). 

The trustees are accountable for the delivery of an account for chargeable events on the trust (IHTM10836) and are liable for payment of Inheritance Tax on the trust. (IHTM30091)

However, the initial transfer of property into the trust is primarily the responsibility of the settlor. (IHTM42251)