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26 August 2014
The continued importance of flexible will trusts for inheritance tax purposes
KEY POINTS
- The introduction of the transferable nil-rate band resulted in simplified wills with estates left to the surviving spouse.
- The freezing of the nil-rate band has resulted in the initial benefits being gradually eroded by rapid increases in house and asset prices.
- The benefits of flexible discretionary trusts on at least the first death should not be overlooked.
- Assets that qualify for business property relief could be sheltered in a trust and the relief may be recycled.
- Future HMRC plans for the inheritance charges on trusts mean that it is increasingly important to ensure that tax reliefs are maximised and consideration given to deeds of variation under IHTA 1984 s 142.
It is now almost seven years since I first wrote on the importance discretionary...
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