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Inheritance headache; Status anxiety; Computer says no; Housebuilder
Inheritance headache
Business property relief applicable to legacy.
I have a case in which the deceased left a will with a legacy of the nil rate band to his two daughters in equal shares.
The definition of the legacy set out in the will is: ‘such sum as is equal to the upper limit of the nil per cent rate band in force at my death etc’ and refers to the Inheritance Tax Act 1984 with a deduction for any chargeable lifetime transfers. The residue passes to his widow. He made no chargeable lifetime transfers and so the full nil-rate band is available.
Among the assets of the deceased were shares in some family enterprises that are clearly trading companies and seemingly tick all the boxes to claim business property relief from inheritance tax at 100%.
My concern is whether the Inheritance Tax Act 1984 ...
