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) Act 2015 provides for an additional IHT residence nil rate band (RNRB)  ( www.practicallaw.com/6-620-8449) when a residence is passed on death to direct descendants. The measure will have effect for deaths on or after 6 April 2017.

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