The Trustees appoint and direct that they shall form and after the date

1 Gift of property 1.1 I give free of tax to my Trustees my property known as [describe property with full address] (or such other property which I may own as my main residence at the date of my death) (the Property) on the following trusts. 1.2 My Trustees may allow [full name of proposed occupier] of [full current address of proposed occupier] to reside rent free in the Property on such terms as to payment of outgoings repairs

I give [free of tax] to [name of donee] of [address

I give to my Trustees for their own absolute use and benefit free of tax all my personal chattels as defined in Section 55(1)(x) Administration of Estates Act 1925 [(but including chattels used solely or mainly

1 Gift of property 1.1 I give free of tax my property known as [full address and description of the property] or such other property which I may own as my main residence at the date of my death (the Property) together with all furniture, soft furnishings and articles of domestic, household or garden use or ornament in or about the Property (the Contents) to my Trustees on the following trusts. 1.2 In this clause the Property Fund shall mean the Property and the Contents and all property from time to time representing the same. 1.3 My Trustees shall hold the Property Fund for [full name of life tenant] of [address of life tenant] (the Life Tenant) for life and after

My Residuary Estate shall be paid or transferred to the charity [called OR known

1 Legacy of nil rate band on discretionary trust 1.1 [If my Spouse survives me] I give to my Trustees free of inheritance tax and foreign death duties the maximum sum of money (if any) which can in the circumstances subsisting at my death be given by this clause without any liability being incurred for the payment of inheritance tax on or by reason of my death (the Nil Rate Band Legacy) and in particular but without prejudice to the generality of the foregoing the circumstances to be taken into account shall include: 1.1.1 any chargeable transfers made by me during my lifetime (or events treated as such for inheritance tax purposes) 1.1.2 the dispositions taking effect under this Will (apart from this clause 1) or any codicil to it, and 1.1.3 any property treated as if it were part of my estate immediately before my death for inheritance tax purposes[. OR ,] [and furthermore in determining the maximum sum it shall be assumed that the nil rate band maximum (within the meaning of Section 8A of

This Precedent will be updated for the changes in the Autumn Budget 2024 that changed the treatment of Agricultural and Business property relief. An updated Precedent will be added as soon as this is available. FORTHCOMING CHANGE: At Autumn Budget 2024 on 30 October 2024, changes to Agricultural Property Relief were announced with the 100% rate of relief will be restricted from April 2026 so that it will no longer apply to the whole value of the qualifying agricultural property but will instead only apply to the first £2.5m of value. The value of the agricultural property in excess of £2.5m will only benefit from 50% BPR. Any property which qualifies for business property relief (BPR) will need to be brought into account in assessing whether the £2.5m threshold is exceeded. For information on these changes, including draft legislation published with Autumn Budget 2024, see: Autumn Budget 2024 (paras 2.51 and 5.54), (para 2.12) and OOTLAR (para 2.12) and Autumn Budget 2024—Private Client analysis. 1 Legacy of qualifying agricultural property

This Precedent will be updated for the changes in the Autumn Budget 2024 that changed the treatment of Agricultural and Business property relief. An updated Precedent will be added as soon as this is available. 1 Legacy of qualifying business property on discretionary trust 1.1 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. 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

1 [My Trustees shall hold my Residuary Estate and the income of it on trust to divide it or treat it as being divided into [insert number] shares of equal value and shall hold them on the following trusts and subject to the following provisions. 1.1 My Trustees shall hold such shares on trust absolutely: 1.1.1 as to [number of shares] of them for [name of beneficiary] of [address of beneficiary] 1.1.2 as to [number of shares] of them

AS WITNESS my hand this ............ day of .................................... 20...... SIGNED by [full name

NB: This Practice Note discusses legislation that is not yet in force. Implementation of this legislation has been substantially delayed, and there is no current indication from Government as to when the proposed legislation will be implemented. There has been government concern for some time about the level of termination payments in the public sector, and recent governments have expressed a desire to place controls on termination payments in the public sector. There have been three separate but related legislative developments arising out of this. The first of these was announced in the Queen's Speech in 2014, as part of the measures to be introduced by the Small Business, Enterprise and Employment Act 2015 (SBEEA 2015). The (then coalition) government's stated intention in introducing this first set of measures was to address the situation where a high earning public sector post holder left their post, receiving a sizeable termination payment, but then took a further public sector post, either immediately or within a short period of receiving the termination payment. These measures will