The amount of an estate that is exempt from Inheritance Tax, currently £325,000 per person.
The nil-rate band is the portion of an estate on which no Inheritance Tax is due. Above the nil-rate band, IHT is charged at 40%, subject to available reliefs and exemptions.
Spouses and civil partners can transfer any unused nil-rate band on death, so a surviving spouse may have a combined nil-rate band of up to £650,000, plus any available residence nil-rate band.
Inheritance Tax (IHT)
A tax charged at 40% on the value of an estate over the nil-rate band (currently £325,000 per person), with various reliefs and exemptions.
Residence Nil-Rate Band
An additional Inheritance Tax allowance (currently up to £175,000) where a main residence is left to direct descendants.
Spouse Exemption
The exemption from Inheritance Tax on transfers between spouses or civil partners during life or on death.
Thirty minutes with a qualified consultant, no obligation, with a clear sense of your options at the end.
Or call us on 01304 577 998
