nil rate band
inheritance tax nil rate band
England, Wales
The amount of an individual's estate which is chargeable to inheritance tax (IHT) at 0% (that is, on which there is no IHT to pay).
If the value of an estate (including any chargeable transfers of value (chargeable transfer of value) made within the 7 years before death) falls within the nil rate band, there is no IHT payable. Where the value of an estate exceeds the nil rate band, the amount above the nil rate band is taxed at 40%. The nil rate band amount for the tax year 2009/10 is £325,000.
See also Tax data: inheritance tax: Nil rate band

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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