The IWC Glossary

Taper Relief

If a person gives away a sum of money in excess of Ł3,000 then passes away within seven years the amount gifted is brought back into the estate on a sliding scale. More...

Tenants in Common

Tenants in Common refer to how property or land is owned. Tenants in Common have a defined proportion of the property

Testator

A Testator is a male who makes (i.e signs) his Last Will and Testament.

Testatrix

A Testatrix is a female who makes (i.e signs) her Last Will and Testament.

Transferable Nil rate band

If your entire estate is passed to a spouse or civil partner you automatically transfer your nil rate band to your spouse or partner as well.

Trustees

The designated people to run a trust

Trusts

Trusts are used to hold money for the benefit of others