TRANSFERABLE NIL RATE BAND
29/03/2009
In October 2007 the Government responded to a proposed Tory tax proposal to substantially increase the Nil Rate Band (NRB) to £1 million by introducing in the Pre Budget Report the concept of a transferable NRB (TNRB) between spouses and civil partners. This has had an extraordinary impact in that there has been a 25% decrease in the number of Wills prepared by solicitors and a concern exists about how people understand the way this change works in practice and who is eligible.
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