Inheritance Tax - The Transferable Nil Rate Band



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“What can I do about minimising any inheritance tax liability?”

The nil rate band (NRB) for inheritance tax currently stands at £325,000.00. Therefore if a person dies with assets in excess of the NRB then that individual’s estate will be subject to inheritance tax at 40% for everything over and above the NRB.

The Transferable Nil Rate Band.

As part of the Chancellor’s Pre-budget report in 2007 the government announced that married couples or Civil Partners can now pass on to the next generation two NRBs (i.e £650,000.00 based upon the current value of the NRB) before any inheritance tax will be payable.

The transferable NRB is only available where the second spouse or Civil Partner dies after 31st October 2007.


We can assist and offer advice in relation to ensuring that, following the death of the first spouse, sufficient evidence is retained to ensure that the transferable NRB can be evidenced on the second death.

Prior to the Chancellor's pre-budget report in 2007 many couples entered into nil rate band dicretionary trust wills, we can offer advice and guidance on whether or not these should now be revoked and replaced or whether Clients are best advised persevering with these wills. We can also advise as to other “minor tactics” for reducing down a potential inheritance tax liability.

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