Jurisdiction(s):
United Kingdom

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Key definition

Legacy definition

What does Legacy mean? In nuclear and environmental legal practice, legacy describes historic UK nuclear sites, facilities, materials, spent fuel and radioactive wastes from earlier civil or defence programmes, and the liabilities to decommission, manage and remediate them. It is a descriptive term rather than a defined statutory term, but is widely used in regulation, policy and contracts. Under the Energy Act 2004 the Nuclear Decommissioning Authority (NDA) manages Great Britain’s designated nuclear legacy, regulated by the Office for Nuclear Regulation and the environment agencies. The nuclear legacy includes: (a) sites and facilities formerly operated by the United Kingdom Atomic Energy Authority and British Nuclear...

Precedent will clause: nil rate band (NRB) legacy to discretionary trust with IHTA 1984 s8A transferable NRB, overriding powers, default income/capital trusts, and defined beneficiaries

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Precedents

1 Legacy of nil rate band on Discretionary trust

1.1 [ If my Spouse survives me ]

I direct my Trustees, free of Inheritance tax and foreign death duties, to receive the greatest sum of money (if any) that may, in the circumstances prevailing at my death, be provided under this clause without any liability arising for the payment of inheritance tax on, or by reason of, my death (the Nil Rate Band Legacy). For the avoidance of doubt, and without limiting the generality of the foregoing, the circumstances to be considered shall include:

any chargeable transfers made by me during my lifetime (or events treated as such for inheritance tax purposes);
the dispositions taking effect under this Will (other than this clause 1) or any codicil to it; and
any property regarded as forming part of my estate immediately before my death for inheritance tax purposes...

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