Transferable Nil-Rate Band between Spouses & Civil Partners

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• Transferable Nil-Rate Band between Spouses & Civil Partners

Transfers between spouses and civil partners are exempt from Inheritance Tax so if everything is left to the surviving spouse or civil partner on the first death, the deceased’s spouse or civil partner will not have used their Inheritance Tax free allowance, known as the nil-rate band.  It is possible however when the second spouse or civil partner dies for their estate to claim to use the nil-rate band not used on the first death. This is known as the transferable nil-rate band. As the current value of the nil-rate band is £325,000 this means that the estate of the second spouse or civil partner to die will have the benefit of up to £650,000 of tax allowance. As part of our Probate & Estate Administration service we can assist with claims to use the transferable nil-rate band.

For further information or advice, please contact Alison Hall on 0191 232 8345 or email Alison.Hall@hay-kilner.co.uk