Clause—legacy of property qualifying for business property relief into discretionary trust
Clause—legacy of property qualifying for business property relief into discretionary trust

The following Wills & Probate guidance note provides comprehensive and up to date legal information covering:

  • Clause—legacy of property qualifying for business property relief into discretionary trust

  1. 1

    Legacy of qualifying business property on discretionary trust

    1. 1.1
    2. In this clause 1 ‘Qualifying Business Property’ means all that property in respect of which the deemed transfer of value taking effect on my death shall be treated as reduced in value by 100% by reason of the property being relevant business property by the application of sections 104 and 105 Inheritance Tax Act 1984.

    3. 1.2

      [If my Spouse survives me and the trust for my Spouse of my residuary estate in clause [clause number dealing with the Trust of Residuary Estate] below takes effect,] I give to my Trustees all my Qualifying Business Property which I own at my death [subject to the payment out of my Qualifying Business Property of any inheritance tax payable by reason of my death which is attributable to it (after allowing for any reduction in value for inheritance tax purposes which is attributed to it).]