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ARTICLE · 17 FEBRUARY 2011

The Transferable Nil Rate Band

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The Finance Act 2008 introduced the transferable nil rate band.

United KingdomCorporate/Commercial Law
Paul Hewitt
Paul Hewitt
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The Finance Act 2008 introduced the transferable nil rate band.

In simple terms it means that if the first spouse or civil partner to die did not use part or all of his or her nil rate band then, from 9 October 2007, on the death of the survivor the nil rate band available on that death is increased by the equivalent percentage of the first deceased spouse/civil partner's unused nil rate band.

The benefit of the transferable nil rate band must be claimed by the survivor's personal representatives within two years of the end of the month of the survivor's death.

HMRC have published guidance with example clauses. This can be helpful. For instance the following clause is described as being effective only to transfer the single nil rate band:

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