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Woodland Trust v B M Loring and others, Court of Appeal
Clause five of the late Valerie Smith’s will provided “My trustees shall set aside out of my residuary estate assets or cash of an aggregate value equal to such sum as is at the date of my death the amount of my unused nil-rate band for inheritance tax.”
The balance was left to the Woodland Trust charity.
Smith’s executors claimed under IHTA 1984 s 8A that her nil-rate band should be increased by her late husband’s unused nil-rate band from £325 000 to £650 000.
The Woodland Trust considered that wording in clause five “such sum as is at the date of my death the amount of my unused nil-rate band for inheritance tax purposes” meant £325 000 because it was the amount of the deceased’s unused nil-rate band.
The High Court found in favour of the executors; the charity appealed.
Court of Appeal judge...
