Nil rate band discretionary trusts and <i>Phizackerley</i>

02 JUL 2007

Jackie Moor, Partner, Wood Awdry and Ford. Nil rate band discretionary trusts are commonly included in wills of married couples and potentially can save inheritance tax of up to £120,000 on the second death. The Phizackerley case concerned a failed attempt to avoid inheritance tax using the nil rate band discretionary trust. The facts of the situation fell into a legal loophole between s 103 of the Finance Act 1986 and s 11 Inheritance Tax Act 1984 and in this case inheritance tax could not be avoided. For the reasons why, and the ways in which this particular loophole could be avoided in other cases, see the full article in see July [2007] Fam Law.

Family Court Practice 2016, The

(Red Book)

Order your copy today and get the Autumn Supplement

More Info from £465.00
Available in Family Law Online
Red Book Plus

Red Book Plus

Family Court Essential Materials

This ready reference guide for all family court practitioners and judges provides a portable...