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Transferable nil-rate bands

We would all do well to fully understand the changes that have already been made to transferable nil-rate bands, instead of speculating about potential changes to inheritance tax, advises Scott Gallacher

19 September 2014

Inheritance tax is a subject rarely absent from newspapers’ financial sections and there is constant speculation as to how the tax might be changed. Most of this just remains speculation, but there has been one really significant change in recent years and for all of the public interest in the subject, it’s a change that is often misunderstood.

We were recently asked to advise a client whose late wife had established a trust in her will. However, other than the lady’s jewellery (worth £10,000 and left bequeathed to her daughter), there was a very modest residual estate, also of £10,000. This was all taken into the trust and the husband received nothing.

The transferable nil-rate band legislation started in 2007, an...

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