- inheritance tax nil rate band
inheritance tax nil rate bandEngland, WalesThe 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.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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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… … Law dictionary
Nil rate band — The nil rate band is the value of an estate that is not subject to Inheritance Tax in the United Kingdom. In the 2009/10 tax year (ending 5 April 2010), the nil rate band is £325,000. Chargeable lifetime transfers and the chargeable estate on… … Wikipedia
nil-rate band — The first slice of a chargeable transfer or the estate on death that is subject to a nil rate of inheritance tax. The nil rate band for 2005–06 is £275,000 … Accounting dictionary
inheritance tax — n: an excise tax that is levied upon the privilege of receiving property as heir or next of kin under the law of intestacy and that is measured by the value of the property received compare estate tax Merriam Webster’s Dictionary of Law. Merriam… … Law dictionary
Inheritance Tax (United Kingdom) — In the United Kingdom, Inheritance Tax was first introduced as a tax on estates in England and Wales over a certain value from 1796, then called legacy, succession and estate duties. The value changed over time and the scope of estate duty was… … Wikipedia
nil-rate — UK US adjective [before noun] TAX ► used to describe a level of income on which there is no tax to pay: »Couples can take advantage of the nil rate tax band to pass on £325,000 without paying inheritance tax … Financial and business terms
Capital Transfer Tax — An inheritance tax levied in the United Kingdom on estates exceeding a certain value. The Capital Transfer Tax replaced the general estate duty in 1975, and was itself replaced by the Inheritance Tax (IHT) in 1986. The amount of tax was derived… … Investment dictionary
excepted estate — England, Wales An estate where a full inheritance tax account is not required. There are three types of excepted estate: • Low value estates. There are estates where the total value of the estate, (including the deceased s share of jointly owned… … Law dictionary
IHT — inheritance tax (IHT) This is a tax that is levied on the value of your estate (all the assets you own) when you die. You only pay inheritance tax (at a rate of 40%) once your estate value exceeds a certain limit for the tax year 2001 2002 the… … Financial and business terms
Taxation in the United Kingdom — This article is part of the series: Politics and government of the United Kingdom Central government HM Treasury HM Revenue and Customs … Wikipedia