Inheritance Tax

This amount usually arises on death, although it is payable for some lifetime gifts. Inheritance Tax is not payable as between a married couple nor generally by Charities nor on the Nil Rate Band (currently £250,000.00). Anything over the Nil Rate Band is subject to 40% tax unless Business Property Relief and /or Agricultural Relief apply.

Injunction

An order by which a party to an action is required to do, or refrain from doing, a particular thing.

Insolvency

Inability to pay debts as they fall due.

Insolvent Estate

Where there are insufficient assets to pay the liabilities.

Interest In Possession

A Trust where a person known as a 'life tenant' is entitled to receive income for his/her lifetime from the property given e.g. the interest off money given. The money given (the capital) will eventually be transferred by the Trustees to a person who holds a 'reversionary interest' sometimes known as a remainder man.

Intestacy

Where there is no Will or sometimes where there is a failed gift in a Will.

Intestacy Rules

These set out the list of the Beneficiaries who will be entitled and who will be the Administrators.

Intestate

A person who dies without a Will.

Issues

Those matters upon which the parties are disputing the claim.