Estate

For Inheritance Tax Purposes, up to 22 March 2006, a person’s estate consisted of the following: 

  • Assets which were in the sole name of the deceased
  • Assets which were owned jointly by the deceased – i.e. their share of those assets 
  • Assets which were in trust which the deceased had an interest in
  • Nominated assets
  • Any assets that were given but over which the deceased retained an interest ( e.g. a property that was given away but which the deceased continued to live in)

From 22 March 2006 a person’s estate consisted of the following:

  • Assets which were in the sole name of the deceased
  • Assets held in trust in which the deceased had an immediate post-death interest, a disabled person’s interest or a transitional serial interest
  • Assets which were owned jointly by the deceased – i.e. their share of those assets
  • Nominated assets
  • Any assets that were given away over which the deceased retained an interest ( e.g. a property that was given away but which the deceased continued to live in)
  • The value of an alternatively secured pension from which the deceased benefited as he was an original scheme member or as a dependent who continued to receive benefits from the left over alternatively secured pension fund.