I am looking for some commentary which would help with the following query.
Will made in 2004 under which the son is left a legacy the value of which equals the maximum amount which could be given to him without inheritance tax or other duty being payable. The residue of the estate is left to charity so no IHT payable.
The gross value of the estate is just over £1 million of which £500,000 relates to the deceased’s former residence.
The question is whether the residential nil rate band applies to this estate and whether it should be taken into account in calculating the value of the legacy as the son only receives a pecuniary legacy rather than a share of the residue.
All the commentary I have seen revolves around the lineal descendants taking a share in residue.
Has anyone seen a definitive answer to this?
Greene & Greene