I have a will that has the following clause " If my shares still qualify for 100% BPR I give all of those shares to the trustees…". The will was set up so that the shares passed into a separate pilot trust.
The shares qualify for 100% relief but there are significant excepted assets within the company.
My reading is that the 100% relief applies but that if all of the shares pass into the company there will be a tax liability on the value of the excepted assets exceeding the NRB. Do other readers agree?
I am considering appointing some of the shares to the surviving spouse so that the remaining shares and the value of the excepted assets inherent within them either qualify for BPR or are under the NRB.
Am I on the right track?
michelle collins
Cozens Hardy LLP