Transferable Nil Rate Band Claim Pack

What is it?

We will complete the HMRC forms to claim the inheritance tax (IHT) transferable nil rate band on the death of the survivor of a married couple or the survivor of a couple in a civil partnership. We will also obtain all supporting documentary evidence as required by HMRC.

Who is it for?

This pack is helpful for all Executors dealing with the estate of the survivor of a married couple/couple in a registered civil partnership (a couple).

How does it work?

Everyone’s estate is exempt from IHT up to a threshold known as the ’nil rate band’ (currently £325,000). On the death of the survivor of a couple on or after 9 October 2007 any unused IHT nil rate band can be transferred between them.

Accordingly, if the first of a couple dies leaving all their assets to the survivor, on the death of the survivor the Executors of the survivor’s estate can claim the unused portion of nil rate band of the first to die as a percentage of the nil rate band at the date of the death of the survivor as well as the survivor’s own nil rate band. This means that a maximum of two nil rate bands (currently £650,000) can be claimed. This does not, however, happen automatically as a claim has to be made in the appropriate way to HMRC.

This pack assists the Executors with this claim by providing for completion of the relevant form and obtaining all HMRC required supporting documentation.

What are the tax savings?

The tax savings are potentially significant with, at current rates of IHT, a possible saving of up to £130,000 if 100% of the IHT nil rate band from the first estate is available.

What will we provide you with?

The transferable nil rate band claim pack consists of:

• completion of the appropriate IHT claim form; and
• collation of all supporting documents.

The cost

£700 plus VAT.