Nil rate band
Encyclopedia
The nil-rate band is the value of an estate that is not subject to Inheritance Tax
in the United Kingdom
.
In the 2009/10 tax year (ending 5 April 2010), the nil-rate band is £325,000.
Chargeable lifetime transfers and the chargeable estate on death above this amount are liable for IHT.
Inheritance tax
An inheritance tax or estate tax is a levy paid by a person who inherits money or property or a tax on the estate of a person who has died...
in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
.
In the 2009/10 tax year (ending 5 April 2010), the nil-rate band is £325,000.
Chargeable lifetime transfers and the chargeable estate on death above this amount are liable for IHT.
Historical Rates
- 2010-11 £350,000 (s4 Finance Act 2007)
- 2009-10 £325,000 (s4 Finance Act 2007)
- 2008-09 £312,000 (s155 Finance Act 2006)
- 2007-08 £300,000 (s98 Finance Act 2005)
- 2006-07 £285,000