The following Private Client Q&A Produced in partnership with Paul Davies of Clarke Willmott provides comprehensive and up to date legal information covering:
Until 2008, it was standard practice for married couples to include in their Wills a discretionary trust of the nil rate band (NRB) to avoid it being wasted where the estate would otherwise pass to the surviving spouse with the benefit of the spouse exemption (and perhaps any children were too young to inherit outright). This is less common since 2008 because of the facility to transfer any unused NRB to a surviving spouse’s estate. There are still many such trusts in existence that were created prior to 2008 and which will need to remain in place until the death of the surviving spouse if they are to achieve the inheritance tax (IHT) saving that was intended.
A common problem when creating the NRB discretionary trust was to find appropriate assets out of which to fund it. Often the only asset of sufficient value would be the matrimonial home. There were technical tax issues that might arise if the half share of the matrimonial home itself were used to fund the trust. For this reason, it was common for the Will to include special provisions specifically authorising the executors to fund the trust using either a debt (an
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
What are OFTOs?Offshore Transmission Owners (OFTOs) are the owners of offshore transmission assets which connect offshore wind farms to the onshore electricity network. The transmission assets comprise everything between the offshore point of connection with the generating wind farm assets and the
Express and implied contractual terms distinguishedContractual terms may be either express or implied:•express terms—are terms which are actually recorded in a written contract or openly expressed in an oral contract at the time the contract is made (or there may be a combination of written and oral
What is a res judicata?A res judicata is a decision given by a judge or tribunal with jurisdiction over the cause of action and the parties, which disposes, with finality, of a matter decided so that it cannot be re-litigated by those bound by the judgment, except on appeal.Final judgments by
This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.