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291 Will trusts created by a surviving spouse or civil partner: tax position

WILLS AND ADMINISTRATION vol 42(1) will precedents

291 Will trusts created by a surviving spouse or civil partner: tax position

| Commentary

Assume that a surviving spouse or civil partner dies in January 2016 (without having made any potentially exempt transfers or chargeable transfers¹)

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(16) INHERITANCE TAX CONSIDERATIONS FOR THE WILL DRAFTER

292 Nil rate band maximum

293 Claim to transfer unused nil rate band: issues for the survivor’s personal representatives

294 Impact on drafting inheritance tax efficient wills of transferable nil rate band

295 Desirable situations to establish nil rate band discretionary trusts (‘mini-discretionary trusts’)

296 The effect of the introduction of the residential nil rate band

297 Surviving spouse or civil partner who remarries: inheritance tax considerations

298 Background to the introduction of the residential nil rate band

299 Residential nil rate band legislation: immediate consequences

300 Residential nil rate band: the amount of the relief

301 Residential nil rate band: the taper restriction

302 What is a ‘qualifying residential interest’?

303 The property must be ‘closely inherited’

304 Discretionary will trusts and post-death arrangements

305 Deceased occupying the property under a trust

306 Lifetime gifts and reservation of benefit

307 Transfer of unused residential nil rate band

308 How the residential nil rate band is applied in calculating tax on death

309.1 Will drafting

309.2 Estate planning

309.3 Points for personal representatives/trustees