There was much speculation as to whether there was going to be any changes to the current Inheritance Tax bands in the Autumn budget. The bands are known as Nil Rate Bands. A Nil Rate band is a threshold above which Inheritance Tax is payable.
The current Nil Rate band of £325,000 has been fixed since the tax year 2009/2010. The Autumn Budget has confirmed that this will be frozen until the end of the tax year 2029-2030.
There are other Nil Rate bands, particularly in relation to property, the Residence Nil-Rate Band has been fixed at £175,000.
There has however been changes to some of the reliefs available.
If you have any queries in relation to Inheritance Tax, contact our wills and probate team who will be happy to assist.
