Amount left in a Will.

[Stephen49.]

Dear members,

I have often seen in a persons Will the words "Not exceeding £25000", for example.
I would be grateful if anyone could explain what this means.

Thank you in advance for your help.

Stephen Sherlock

 

[Stuart]

The taxes on estates were at times charged at different rates for different sizes of estate. One example is the Customs and Inland Revenue Act, 1881 which had thresholds at £100, £500, and £1,000. So a declaration had to be made of the band the estate's value fell within, hence "not exceeding £500". I'm sure those thresholds were varied, but I don't know how or when or what other laws might also have applied only over a certain limit.

 

[Stephen49.]

Stuart, many thanks for your explanation. I fully understand the meaning now.