Inheritance and Trustees' Powers Act 2014
| Jurisdiction | UK Non-devolved |
| Citation | 2014 c. 16 |
(1) Section 46 of the Administration of Estates Act 1925 (succession to real and personal estate on intestacy) is amended as follows.(2) For the Table in paragraph (i) of subsection (1) substitute—In section 18 of the Family Law Reform Act 1987 (succession on intestacy) , after subsection (2) insert— in a register of births kept (or having effect as if kept) under the Births and Deaths Registration Act 1953, orin a record of a birth included in an index kept under section 30(1) of that Act (indexes relating to certain other registers etc) .
Schedule 2 amends the Inheritance (Provision for Family and Dependants) Act 1975. Schedule 3 amends enactments relating to the determination, for various purposes, of the date on which representation with respect to the estate of a deceased person is first taken out. (a) in paragraph (i) for “as may, in all the circumstances, be reasonable,” substitute “ as the trustees may think fit, ” and(b) omit the words from “Provided that” to the end.(1) Section 32 of the Trustee Act 1925 (power of advancement) is amended as follows.after “subject to a trust,” insert “ or transfer or apply any other property forming part of the capital of the trust property, ” andafter “payment” insert “ , transfer ” .
- (A) ) the surviving spouse or civil partner shall take the personal chattels absolutely;
- (B) ) the residuary estate of the intestate (other than the personal chattels) shall stand charged with the payment of a fixed net sum, free of death duties and costs, to the surviving spouse or civil partner, together with simple interest on it from the date of the death at the rate provided for by subsection (1A) until paid or appropriated; and
- (C) ) subject to providing for the sum and interest referred to in paragraph (B) , the residuary estate (other than the personal chattels) shall be held—(a) as to one half, in trust for the surviving spouse or civil partner absolutely, and(b) as to the other half, on the statutory trusts for the issue of the intestate.
| (1) If the intestate leaves no issue: | the residuary estate shall be held in trust for the surviving spouse or civil partner absolutely. |
| (2) If the intestate leaves issue: | |
| The amount of the fixed net sum referred to in paragraph (B) of case (2) of this Table is to be determined in accordance with Schedule 1A. | |
- “(1A) The interest rate referred to in paragraph (B) of case (2) of the Table in subsection (1) (i) is the Bank of England rate that had effect at the end of the day on which the intestate died.
- “(5) In subsection (1A) “Bank of England rate” means—
- (a) the rate announced by the Monetary Policy Committee of the Bank of England as the official bank rate, or
- (b) where an order under section 19 of the Bank of England Act 1998 (reserve powers) is in force, any equivalent rate determined by the Treasury under that section.
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(x) Personal chattels” means tangible movable property, other than any such property which—
- consists of money or securities for money, or
- was used at the death of the intestate solely or mainly for business purposes, or
- was held at the death of the intestate solely as an investment:
- consists of money or securities for money, or
- was used at the death of the intestate solely or mainly for business purposes, or
- was held at the death of the intestate solely as an investment:
- , or
- (c) any contingent interest (other than a contingent interest in remainder) which the adopted person has immediately before the adoption in the estate of a deceased parent, whether testate or intestate.
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