Overview

• Asked on the BBC if he put the land into a trust, Sir Keir Starmer said, "No, I didn’t," and described buying the field in 1996 so his parents could keep donkeys.
• The Times said he placed the seven-acre plot in a trust that gave his parents lifetime use while legal title stayed with him, a description Starmer disputes.
• Section 54 of the Inheritance Tax Act 1984 can exclude settled property from a deceased beneficiary’s estate when it reverts to the settlor, according to the report.
• He bought the land for £20,000 and sold it in 2022 in a deal implying a value near £295,000, with The Times noting his father’s 2018 estate was recorded at £374,091 without the field.
• Downing Street said a leading tax KC confirmed there was no underpayment of tax, while tax lawyer Dan Neidle called the reported setup a tax-efficient structure.