The 6th April 2009, is the start of the new tax year. The Inheritance Tax (IHT) Nil-rate Band increases from £312,000 to £325,000 per individual.An increase of £13,000 in the band at an IHT rate of 40% means a potential additional IHT saving in the new tax year of £5,200 for an individual and £10,400 for a married couple or registered civil partnership where the survivor is able to claim both their own and the transferable nil-rate band.
The nil-rate band is due to increase to £350,000 per individual on 6th April 2010, but with the current economic situation and a budget due soon it may be that this increase is under threat.
For advice on saving IHT or using the transferable nil-rate band option please contact The Will Centre on 01752-607040.
