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Readers’ forum: Will property sale compromise claim to NRB?

22 January 2024
Issue: 4921 / Categories: Forum & Feedback , Capital Gains
Discretionary trust

A chap has died leaving his residuary estate into a discretionary trust. The plan is to appoint out 75% of the trust to the children and his grandchildren but to keep 25% back for the one child. We will do this within two years of the date of death while the estate is still being administered to secure reading back pursuant to IHTA 1984 s 144.

The estate includes a residence worth circa £600 000 and the total value of the estate is less than £2m and so the appointment will also assist with a claim for residence nil rate band (RNRB). His late wife left everything to him and so will claim her NRBs too.

The executors have already agreed a sale of the property although we will not be able to exchange contracts until the grant of probate is issued. I had planned to date...

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