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Abatement
09/03/2009
Abatement is what happens when the assets in an estate on death are insufficient to match the provisions in the Will.
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Ademption
09/02/2009
Ademption is where a gift fails to take effect because on death nothing matching the description in the Will is to be found in the estate. Some gifts are more likely to fail than others.
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Aged 18 - 25 Trust
14/03/2009
The Finance Act 2006 made many changes to the inheritance tax treatment of trusts. In particular it abolished accumulation and maintenance trusts which had been popular for gifts to children and grandchildren. Accumulation and maintenance trusts were popular because they enabled the settlor to provide funds for young people at a later age than 18 but yet benefited from no inheritance tax charge at the time the nest egg passed to those young people.
The Aged 18-25 trust is a less beneficial and flexible replacement.
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Agricultural Property Relief (APR)
27/04/2009
APR is a significant special relief for Inheritance Tax (IHT) which has the effect of reducing the agricultural value of agricultural property before IHT is applied to the net value. It is subject to various conditions. Several cases in recent years have explored the application of the relief to farmhouses and farm buildings. In the 2009 Budget the relief was extended.
