Bond – Tax liability would only arise on the death of the last life assured on the bond.
IHT - If the settlor of the trust created the trust over 7 years ago (settlor excluded) there is no IHT liability. However, if the settlor dies before 7 years have passed, the initial value of the gift will form part of their estate on death for IHT purposes. However, if this creates an IHT liability this liability will fall to be paid by the recipient beneficiary of the trust. If there are multiple settlors, the value will only relate to the value of the gift they made. If the settlement was made from a Will, then there is no further IHT liability.
If the life assured is also the absolute beneficiary, when they die the value of the bond is theirs absolutely and so they will have to account for the bond value in their estate.
Income/ chargeable gains – This will always fall on the beneficiary of the trust as the absolute owner. The one exception to this would be if the beneficiary were a minor child when they died as the last life assured and the settlor was a parent. In these circumstances the parental settlement rules would come int effect and the chargeable gain generated on the death of the life assured (the child beneficiary) would fall on the parent(s) and not the child.
CIA
As there are no lives assured on a CIA there is no automatic closure of the contract. However, as an absolute trust the funds belong to the beneficiary if they were to die and as such any IHT would fall on the beneficiary.