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Commentary

107 Residuary gifts in a will

CHARITIES AND CHARITABLE GIVING vol 6(2)
| Commentary

107 Residuary gifts in a will

| Commentary

107 Residuary gifts in a will

Drafting a will that leaves everything to be divided equally between a charity and a non-exempt beneficiary does not, at first glance, seem to present major problems. But if the value of the chargeable estate exceeds the inheritance tax threshold, the provisions of the Inheritance Tax Act 1984 Section 41 must be considered and the picture immediately changes.

Example 1
A net estate of £500,000 is to be divided equally between the Royal National Lifeboat Institution (‘RNLI’) and the testator’s sister (‘S’). The inheritance tax nil rate band of £325,0001 has

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