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Dear sir!
I would be very grateful if you clarify this question for me:
Are there two nil rate bands in the amount of £325,000 available during computing IHT: 1) one in calculating the lifetime transfers chargeable when made and 2) another one when calculating lifetime transfers chargeable on death?Thanks in advance.
P.S and at the end of my question I would like to thank you for your lectures. They helped me a lot.
There is one nil rate band (NRB) that exists -currently £325,000 – but it is applied in 2 separate computations – as you say:
1. When dealing with lifetime transfers chargeable when made – use the NRB in force at the date of the CLT, and
2, When dealing with IHT arising on the death of the taxpayer where it would firstly be applied to lifetime transfers and then if still unused to the death estate
Hope this also helps
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