In Loring v The Woodland Trust  EWCA Civ 1314 the Court of Appeal upheld Asplin J’s decision ( EWHC 4400 (Ch)). A gift in a will of “my unused nil rate band for Inheritance Tax” [...]
Tax law has a habit of changing and certainly in the 20 or so years since Nil Rate Band Discretionary Trusts (NRB DT) were popular it has changed for income tax as well as IHT purposes.
Prior to Finance Act 2008, it was common Will planning to make sure both spouses used their ‘nil rate band’ for inheritance tax (IHT) in their Wills. Failure to do so meant the nil rate band of [...]