Husband's will includes a life interest in the residue of his estate to his wife, capital ultimately passing to the children.
Loring v Woodland Trust  EWHC 4400 Ch highlights the care that must be taken when interpreting (and drafting) nil rate band legacies in wills and undertaking inheritance tax planning.
Business Property Relief (BPR) is a valuable inheritance tax relief, offering up to 100% relief against inheritance tax on qualifying business assets.
The inheritance tax case of Buzzoni and Others v HMRC concerning gifts with reservation of benefit was recently heard in the Court of Appeal.
I refer here to interest free loans (repayable on demand) to family members (thus gratuitous) where the interest foregone is deemed to be a gift for IHT purposes (according to IHTM14317).
An increase in home ownership rates and property prices has created a windfall for millions of Britons – and underscored the need for people to plan for inheritance.
Primary Points of Interest
Can you help me about inheritance Tax and Interests in Possession:
Have come across the following situation.
An individual settles unquoted shares in a property investment company on discretionary trusts. The value is circa £50k and he has not previously made chargeable lifetime transfers.