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The Woodland Trust v Loring

In The Woodland Trust v Loring [2014] EWCA Civ 1314 (16 October 2014) the Court of Appeal found that an election under IHTA 1984 s 8A could change the allocation of gifts under a will.

The issue was the shares of the residuary estate of the testatrix the late Valerie Smith to which the Loring family and the Woodland Trust were respectively entitled. The will provided that assets or cash of an aggregate value equal to the amount of her unused nil rate band for IHT purposes at the time of her death should be set aside out of her residuary estate and held for the benefit of the Lorings. The remainder of the estate was bequeathed to the Trust.

At the date of the testatrix’s death the amount of her single unused nil rate band for inheritance tax purposes was £325 000. But...

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