What is the Nil Rate Band?

What is the Nil Rate Band?

The Nil Rate Band (NRB), also known as the Inheritance Tax (IHT) threshold, is the amount up to which an Estate has no IHT to pay. The current allowance available on the Estate of an individual is £325,000; anything above this is taxed at 40%. The NRB applies to...
Estate Planning and Farmland

Estate Planning and Farmland

Most land owners are aware of Agricultural Property Relief (APR) and could be forgiven for thinking that this means there is no risk of their Estate paying Inheritance Tax. Unfortunately there are situations where farmland does not qualify for 100% APR. There have...
Estate Planning and Farmhouses

Estate Planning and Farmhouses

Most land owners are aware of Agricultural Property Relief (APR) and could be forgiven for thinking that this means there is no risk of their Estate paying Inheritance Tax. Unfortunately there have been cases where the HM Revenue & Customs have successfully...

Executors and Power of Attorneys: What Do They Do?

Many people who are appointed Executors of Wills are not aware of their legal duties. Executors are appointed to carry out the wishes of those who appoint them. An Attorney is appointed to make decisions in certain circumstances on behalf of a living person. Both...

Is A Will Really Necessary?

The simple answer is yes. Unless all your assets are held in joint names and/or you are happy to rely on the arrangements for your family that the intestacy laws will provide, then it is imperative you make a Will. Without a Will an Estate with a value of more than...