331 Excluding Child’S Right To Income Under A Will Trust To Preserve Age 18-To-25 Inheritance Tax Status

WILLS AND ADMINISTRATION vol 42(1) will precedents

331 Excluding child’s right to income under a will trust to preserve age 18-to-25 inheritance tax status

| Commentary

When considering leaving by will property on trust for young children of the testator, the scope of the Inheritance Tax Act 1984 Section 144 needs to be borne in mind. This provision has a ‘reading back’ effect and may result in the tax treatment of a trust

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(16) INHERITANCE TAX CONSIDERATIONS FOR THE WILL DRAFTER

332 Circumventing the restriction on successive immediate post-death interests in possession (‘IPDI’) with general powers of appointment

333 Considerations when making provision for grandchildren in will

334 Inheritance Tax Act 1984 Section 144

335 The Frankland trap and its removal

336 The 2006 amendments

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331 Excluding child’s right to income under a will trust to preserve age 18-to-25 inheritance tax status

331 Excluding child’s right to income under a will trust to preserve age 18-to-25 inheritance tax status

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(16) INHERITANCE TAX CONSIDERATIONS FOR THE WILL DRAFTER

332 Circumventing the restriction on successive immediate post-death interests in possession (‘IPDI’) with general powers of appointment

333 Considerations when making provision for grandchildren in will

334 Inheritance Tax Act 1984 Section 144

335 The Frankland trap and its removal

336 The 2006 amendments

337 Drafting two-year discretionary trusts

338 Pros and cons of Inheritance Tax Act 1984 Section 144 trusts

339 Division of residue of estate and Benham and Ratcliffe cases

340 Free of tax clauses in wills

341 Survivorship clauses in wills

342 Commorientes

343 Drafting wills for post-death variations or disclaimers

344.1 Agricultural property relief, business property relief and inheritance tax

344.2 Specifically given property attracting agricultural or business property relief

344.3 Property attracting agricultural or business property relief not specifically given

344.4 Problems with ‘nil rate band’ legacies and agricultural/business property relief

345 Liability to pay inheritance tax on lifetime (inter vivos) gifts

346 Contingent pecuniary legacy to infant

347–360 Annuities left by will

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331 Excluding child’s right to income under a will trust to preserve age 18-to-25 inheritance tax status

331 Excluding child’s right to income under a will trust to preserve age 18-to-25 inheritance tax status

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