Inheritance Tax - Transferable Nil-Rate Band
The Chancellor of The Exchequer announced, in a pre-budget report on 9 October 2007, that on the death of the second-to-die spouse* of a married couple, it may be possible for the executors of his or her estate to transfer an unused nil-rate band, or unused portion thereof, and apply it to the estate of the second spouse in determining whether any Inheritance Tax may be due.
* This also applies to 'Civil Partners' but it does NOT APPLY to a man and woman who, although they may live in a long-term relationship, and perhaps have children, ARE NOT MARRIED. |
