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:

  • 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.