John Bunker discusses using nil rate band discretionary trusts to assist with resident nil rate band planning
We have become so used to the transferable nil rate band (TNRB) for inheritance tax (IHT) in the last ten years, some younger UK practitioners will be unfamiliar with the nil rate band discretionary trust.
NRB D/Ts were one way, prior to October 2007, of getting ‘two bites of the cherry’, two IHT NRBs. While many have continued using NRB D/Ts as a valued planning tool, they could have a whole new lease of life following the introduction of the residence nil rate band (RNRB) for IHT. This opens a new chapter in IHT planning, major re-thinking of strategies required, so where do NRB D/Ts fit in?
RNRB is lost by taper wh...
This article is part of our subscription-based access. Please pick one of the options below to continue.
Already registered? Login to access premium content
The Corporate IP Licence is tailored to your firm, making it the most cost effective way for the firm to access Solicitors Journal, and enables the firm to remain compliant with copyright and our Terms and Conditions. This gives you the ability to print and circulate articles within the firm.
To enquire about a Corporate IP Licence for your firm, please contact our Subscriptions Manager on firstname.lastname@example.org.