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Frequently Asked Questions
If the value of the taxable Estate is over £325,000 then the Estate is potentially subject to Inheritance Tax. If there is any unused nil rate band from the Estate of the predeceased spouse, this can be applied to the Estate of the spouse who died second. This is known as the transferrable nil rate band.Can I transfer the inheritance tax nil rate band?
Learn the practical steps surrounding the transfer of the inheritance tax nil rate band. It's possible to transfer any unused percentage of the inheritance tax nil rate band from a deceased spouse or civil partner to the surviving spouse or civil partner.What happens to the Nil Rate Band when a spouse dies?
As an illustration, if the first person passes away leaving 50% to their spouse, and 50% to their son, only half of the Nil Rate Band can be transferred and claimed on the death of the spouse. This would result in a total tax free allowance of £487,500 on the second Estate (£325,000 plus £162,500). Who Can Claim the Transferable Nil Rate Band?What is the maximum available residence Nil Rate Band?
When she dies in the tax year 2019 to 2020, the maximum available residence nil rate band is £150,000. Her executor makes a claim to transfer the unused residence nil rate band from her husband’s estate. So the total available residence nil rate band for his wife’s estate will be £300,000 (£150,000 + (transfer of 100% x £150,000)).