Overview

nil-rate band


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The first slice of a chargeable transfer or the estate on death that is subject to a nil rate of inheritance tax. The nil rate band for 2009–10 is £325,000. From April 2008 it became possible for spouses and civil partners to transfer their nil-rate band to the surviving partner on death, thereby effectively raising the threshold at which tax becomes payable to £650,000.

Subjects: Accounting.


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