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The IWC Glossary

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This is the term used to define the increase in nil rate band allowances between the deaths of two spouses.
For example if the first spouse passed away in 2009 the nil rate band at that time would have been £325k, if the first spouse passes all of their estate to their spouse or civil partner there would be two nil rate bands to use on the death of the second spouse.  If the nil rate band has risen by the time the second spouse passes away the two nil rate bands tgether would be at the higher rate.  This would be referred to as uplift.
See also
  • Inheritance Tax
  • Nil rate band
  • Transferable nil rate band

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