Nil rate band

Nil rate band

The nil-rate band is the value of an estate that is not subject to Inheritance Tax in the United Kingdom.

In the 2009/10 tax year (ending 5 April 2010), the nil-rate band is £325,000[1]. Chargeable lifetime transfers and the chargeable estate on death above this amount are liable for IHT.

Historical Rates

  • 2010-11 £350,000 (s4 Finance Act 2007)[2]
  • 2009-10 £325,000 (s4 Finance Act 2007)
  • 2008-09 £312,000 (s155 Finance Act 2006)
  • 2007-08 £300,000 (s98 Finance Act 2005)
  • 2006-07 £285,000

References

  1. ^ section 4 Finance Act 2007
  2. ^ http://www.legislation.gov.uk/ukpga/2007/11/section/4

See also


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