Search
Close this search box.
Search

INHERITANCE TAX: More Than Double The Tax-Free Part Of Your Estate

15 years ago the inheritance tax nil rate band was made transferable. This doubled the tax-free amount for many estates. With a little planning some estates could do even better. Might yours be one of these?
Transferable nil rate band
There are two relatively common situations where estates can benefit from more than two nil rate bands (NRBs) : where someone is widowed; or the estate is entitled to business property relief (BPR) or agricultural property relief (APR). The following three examples illustrate how these work.
Widows and widowers
If someone dies leaving everything to their spouse/civil partner who remarries, the surviving spouse/partner can claim an extra NRB.
Use NRB to maximise BPR
If you’re married (or in a civil partnership), have children and own assets that qualify for BPR or APR there’s scope for some IHT planning.
Conclusion
If you or your spouse have previously been widowed it’s possible to use the transferable nil rate band (NRB) from one or both of the previous spouse so that three or four NRBs can be claimed. A discretionary trust can be used to create entitlement to an extra NRB.

WHAT WE OFFER

WE UNDERSTAND REQUIREMENTS
We are amongst the UK’s leading Tax specialists with a wealth of experience. We provide professional firms, individuals and privately owned businesses with a comprehensive range of specialist tax & advisory support across all of the major taxes.
WE WORK PRECISELY
When appointing a Tax specialist to act on your behalf, it’s important to know that you’re in good hands. You need to know that the advisor you appoint has the experience, skills and courage required to achieve the best possible outcome for you.
WE DELIVER BEST OUTPUT
Our role is as much about supporting our clients personally as it is about providing professional and effective Tax representation. This is why we have implemented facilities such as flexible payment options , that aim to make the process straight forward and stress free.

Have you received a notification of HMRC investigation?

BOOK A CONSULTATION

Churchill Tax provides all types of tax advice on complex issues to individuals and companies across all sectors. We make the time and effort to understand our client’s businesses and needs and our tax experts have a proactive and flexible approach to helping clients overcoming the challenges they face.

Scroll to Top

Book A Consultation