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Nil Rate Band Discretionary Trusts: Do they still have a use?

Nil Rate Band Discretionary Trusts: Do they still have a use?

Nil Rate Band Discretionary Trusts (NRBDTs) were commonly used before the introduction of the Transferable Nil Rate Band (TNRB) on 9 October 2007. Before its introduction, if spouses gave all their assets to each other outright the Nil Rate Band (NRB) was often wasted. The spouse would inherit everything tax free from their spouse, but … Read moreNil Rate Band Discretionary Trusts: Do they still have a use?

Transferable Nil Rate Band

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Every person has their own nil rate band (NRB). This is the amount that can be distributed on their death without inheritance tax being payable. Since 9th October 2007, an unused NRB from a deceased spouse can also be claimed when the surviving spouse dies. There are a number of misconceptions about the transferable NRB … Read moreTransferable Nil Rate Band