Inheritance Tax: nil rate band - May 2010
The 2009 Pre-Budget Report announced that legislation will be introduced in 2010 to freeze the limit of the inheritance tax nil rate band for the tax year 2010/11. The current level is £325,000. This will now be extended to cover the tax years 2011/12 to 2014/15.
IHT is payable at 40% on death on the value transferred by a chargeable transfer above the nil rate band.
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