WillPack

Residential Nil Rate Band – Qualifying Residential Interest

Residential Nil Rate Band – Qualifying Residential Interest The rules for the Residential Nil Rate Band (RNRB) introduce a variety of new terms that need defining. The first of these is a Qualifying Residential Interest. The new S8H Inheritance Tax Act 1984 defines a Qualifying Residential Interest (QRI) as an interest in a dwelling which … Read moreResidential Nil Rate Band – Qualifying Residential Interest

Potentially Exempt Transfers (PETs)

Section 3A of the Inheritance Tax Act 1984 provides provisions specifically for Potentially Exempt Transfers (PETs). A PET is a transfer of value which is made during the lifetime of an individual; in other words, it is a gift of an asset and provided certain conditions are met, the PET can be exempt from IHT. … Read morePotentially Exempt Transfers (PETs)

Statutory Wills – What are they?

Statutory Wills are made by the Court of Protection on behalf of an individual who no longer has the capacity to make a Will as defined by the Mental Capacity Act 2005. The capacity of the testator must be addressed when considering the need for the Court of Protection to make a Will on the testator’s … Read moreStatutory Wills – What are they?