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).
The government no longer proposes to introduce a separate settlement nil rate band (www.practicallaw.com/7-574-5949) in the Finance Bill 2015.
For more information, see Practice notes:
Tax data: inheritance tax: Nil rate band (www.practicallaw.com/6-385-5460). This lists the current value and previous values of the nil rate band.