Nil rate band (NRB)

The amount of a chargeable transfer ( www.practicallaw.com/9-382-5589) on which inheritance tax ( www.practicallaw.com/3-382-5648) (IHT) is charged at 0% (that is, on which there is no IHT to pay).

For more information, see Practice notes:

Finance (No. 2) Bill 2015 includes a measure providing for an additional IHT nil rate band when a residence is passed on death to direct descendants. The measure will have effect for deaths on or after 6 April 2017. For further information and to follow the progress of this measure, see Private client tax legislation tracker 2014-15: IHT: additional nil rate band for main residence ( www.practicallaw.com/3-575-2526) .

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