Just trying to apply the new rules based on an MP's overview. Proves this is not simple.

Yes, there is the standard Nil Rate Band
Yes, there is the Residence NRB - if children but tapers
Yes, spouse/civil partner exemption passing between spouses/CPs

So far so good.
Next, told:-

100% relief up to £2m. Example must be widow w/ children. As no transferability of new NRB. Big trap⚠️
BPR will give a "further benefit" on top. But *combined* APR/BPR NRB £1m/person 🤔
Does highlight APR not overly generous. BPR key to actual relief

Let’s move on

Whatever the policy, there is one existing situation which works similarly to the changes on APR/BPR. It applies to Scottish estates. It is the topic of 'legal rights'. These are automatic entitlements which a spouse/CP and children have. This is irrespective of the terms of a will.

This needs a technical factcheck spruce:-


@ChrisMasonBBC @hzeffman @BBCVickiYoungbbc.co.uk/news/articles/… "Inheritance tax is charged at 40% on the property, possessions and money of somebody who has died above the £325,000 threshold."
That is not a correct statement on how inheritance tax is charged. There are numerous, very common, situations where that is not what happens.

#Trusts in @BBCNews @james_oliver_01 @steveswannBBC @nassos_. "irrevocable trusts" does not mean a "trust which cannot usually be amended, modified, or revoked after they’re created". Just that the trust cannot be revoked. Which takes us to...

bbc.co.uk/news/business-… ... "withdrew from the beneficiaries of the #trusts" which indicates what happens with the trust can change. Of course, someone can give up a right under a trust or even the chance of having a right under a trust (often the latter). Withdraw or 'donating'... let's consider...

Very worthwhile webinar ongoing from @ScotCharityReg on constitutions / governing documents 👍 A good reminder from Martin Tyson @ScotCharityReg about the fact that many #charities will have members.. and that members have powers and duties. #Charity members being something the @UKSupremeCourt considered last year …tishcharityandwealthlaw.wordpress.com/2020/07/29/sup…

#TaxDay arrives... gov.uk/government/pub… Something Sir Humphrey about it being announced in this that there will be a review of the Office of Tax Simplification. [appreciate #OTS is reviewed under statute]