Inheritance tax nil rate band

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 nil rate band will be separate from, and in addition to, the settlement nil rate band (www.practicallaw.com/7-574-5949) that the government proposes to introduce in the Finance Bill 2015 for the purpose of calculating ten-year anniversary and exit charges in relevant property trusts (www.practicallaw.com/0-382-6277). The nil rate band, rather than the settlement nil rate band, will continue to apply for the purpose of calculating IHT charges on gifts to trusts that are chargeable transfers in the settlor's lifetime or on death.

For more information, see:

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