Inheritance Tax – Residential Nil Rate Band

What is Inheritance tax? Inheritance tax (IHT) is a tax on the estate of a person who has passed away. A person’s estate is made up of various assets; these can include property, money and possessions. Inheritance tax is payable when an estates value exceeds their Nil Rate Band or Inheritance tax allowance. What is a Nil Rate Band? The Nil Rate Band (NRB) is the maximum amount up to which there is no inheritance tax payable on an Estate. Everyone has their own Nil Rate Band which is used upon their death. A person’s individual Nil Rate band allowance … Continue reading Inheritance Tax – Residential Nil Rate Band