Stuart Adams discusses the first round in what appears to be a solid case for the rectification of a deed of variation ‘In Vaughan-Jones the variation, as drafted, failed to include the necessary statements and, instead, referenced the pre-2002 rules by way of clause three. Therefore, it was ineffective for IHT and CGT purposes.’ The …
Continue reading "Rectification: Keeping up with the Vaughan-Joneses"
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Wills & Trusts Law Reports | September 2015 #152The claimants were the executors of the will of the deceased dated 8 September 2000 whereby his residuary estate passed to his widow and three sons in equal shares absolutely. The first defendant was the deceased’s widow and the first claimant and second and third defendants were his sons.
Under the will, inheritance tax would be payable on the estate in respect of land and farming assets which did not qualify for agricultural property or business property relief on the three quarters of the residuary estate which had passed to the deceased’s sons. The beneficiaries decided that t...
