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Inheritance Tax: Residence Nil Rate Band

Tue 9 May 2017

Inheritance Tax: Residence Nil Rate Band

Inheritance tax is payable upon death at the rate of 40% on the value of an individual's net estate above the Nil Rate Band (NRB) of 325,000 pounds. From 9 October 2007 upon the death of a surviving spouse or civil partner, where the NRB of the first to die was not utilised in whole or part, it was possible to transfer the unused part of the estate of the surviving spouse or civil partner. This is known as the'transferable nil rate band' (TNRB). For some people this has now been enhanced.

Geoffrey Ditz provides his thoughts on the impact here.

For further information on this legislation and wills, please contact Geoffrey Ditz or us.  

 

 

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