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The IWC Glossary

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Nil rate Band

The nil rate band is the maximum that can be gifted to beneficiaries without inheritance tax being applied.
In April 2009 the nil rate band was set at £325,000 for an individual. This was not changed in the financial year of 2010.
If your entire estate is passed to a spouse or civil partner you automatically transfer Nil rate bands to your spouse or partner as well. In this way when they pass away their estate would qualify for two nil rate bands.
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