The effect of a clause in the deceased’s will was to increase a residuary legacy to family members by an unused nil rate band claimed following the prior death of the deceased's husband.
Summary
The effect of a clause in the deceased’s will was to increase a residuary legacy to family members by an unused inheritance tax (IHT) nil rate band claimed following the earlier death of the deceased's husband.
Background
The deceased died on 1 September 2011. Clause 5 of her will, dated 2 February 2001, provided materially as follows:
‘My trustees shall set aside out of my residuary estate assets or cash of an aggregate value equal to such sum as is at the date of my death the amount of my unused nil rate band for Inheritance Tax and … hold the same for such of the following as shall survive me and in the case of the
