I have an estate where a gift was made by the now deceased of her right under a life interest trust contained in her late husband’s Will, the property was sold in 2014 and she didn’t purchase a new property with the cash, the cash instead passed to her step sons (a PET?)
The estate is taxable with TNRB, NRB, TRNRB and RNRB available. My question is how do I calculate the IHT due on the gift and payable by the beneficiaries (the stepsons)?
I can of course work out the estate rate and then calculate that way but due to the other reliefs, wonder if this is the correct way to calculation. Any views appreciated. Thanks
Lee Hibell
Paul Robinson Solicitors LLP