Inheritance Tax

The Chancellor has announced that the inheritance nil rate band will increase by 1% in 2015/16 to £329,000. Currently the nil rate band is £325,000 and has been frozen since 2009. This will mean that, with effect from 6 April 2015, if the first of a married couple to die does not use any of his/her nil rate band, then the survivor will have a total nil rate band (including the transferable nil rate band) of £658,000.