Jing paid any IHT arising from the gifts to the trusts.
At the date of her death Jing owned the following assets:
- A holiday cottage valued at £220,000. This had an outstanding endowment mortgage of £60,000.
- Units in the Global Trust, a unit trust, valued at £12,000.
- Cash deposits in new individual savings accounts of £16,800.
- A motor car valued at £8,000.
- A life assurance policy on her own life. On 21 January 2015 the policy had an open market value of £45,000, and proceeds of £50,000 were received following Jing’s death.
On 21 January 2015 Jing owed £3,600 in respect of a personal loan from a bank, and had gambling debts of £600. The cost of her funeral amounted to £3,200.
Under the terms of her will Jing left £100,000 to her husband, a specific legacy of £40,000 to her brother, and the residue of the estate to her children.
Nil rate bands are as follows: