When the Conservatives were in opposition, they talked about a nil-rate band of £1 million. That seems to have fallen by the wayside, due to the tax which would be lost. This is all you can expect to have exempt from inheritance tax on your death before the flat 40% rate comes into play:
2012/13 = £325,000
2013/14 = £325,000
2014/15 = £325,000
2015/16 = £329,000
This means even more careful planning is needed if you want to maximise how much passes to your beneficiaries.
IHT nil-rate band
News: January 2013
IHT nil-rate band
When the Conservatives were in opposition, they talked about a nil-rate band of £1 million. That seems to have fallen by the wayside, due to the tax which would be lost. This is all you can expect to have exempt from inheritance tax on your death before the flat 40% rate comes into play:
This means even more careful planning is needed if you want to maximise how much passes to your beneficiaries.
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