Mrs X died recently. Her husband died 10 years ago. He had 2 Wills, a UK Will covering assets in England & Wales and a Jersey Will dealing with Jersey assets.
The UK Will included a NRBDT with the usual terms
“I give to my trustees the largest sum of cash which could be given on the trusts of this clause without Inheritance Tax becoming due in respect of the transfer of the value of my estate which I am deemed to make immediately before my death …”
and a gift of residue to wife. The executors (the sons) ignored the trust and transferred all assets to the wife including the house which was in the husband’s sole name. The Jersey Will left everything to the sons which in effect was a gift of a Jersey property valued at £315,000.
I know that the gift to the NRBDT can be shown as a debt on the estate of the wife but the question is, is this £325,000 or £10,000 (ie the balance of the gift given to the sons)?
I would welcome any thoughts.