Inheritance tax transferable nil rate band: overview

Resource type: Practice note: overview

Status: Maintained

Jurisdictions: England, Wales

This practice note explains what the inheritance tax nil rate band is and how spouses and civil partners can benefit from the changes introduced by the Finance Act 2008, which permits a transfer of any unused nil rate band to the surviving spouse/civil partner's estate on death. It also explains why nil rate band discretionary trusts are still useful, notwithstanding these changes.

We are reviewing this practice note in the light of the draft legislation published on 6 December 2011 (see Legal update, Draft Finance Bill 2012 legislation: key private client measures).

Andrew East, Prettys, PLC Private Client

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Resource ID: 4-382-1329
Products: PLC Private Client
This resource is maintained, meaning that we monitor developments on a regular basis and update it as soon as possible.

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