Glossary - Nil rate band
Description
The nil rate band is the portion of an individual’s estate that can be passed on free of inheritance tax. Any value above this threshold is typically taxed at the prevailing inheritance tax rate, subject to available reliefs and exemptions.
Alternate Names
- Taper relief
- IHT threshold
- Chargeable estate
- Transferable nil rate band
- Inheritance tax (IHT)
- Residence nil rate band
