PLANNING TO USE THE TRANSFERABLE NIL RATE BAND IS NOT ALL PLAIN SAILING

摘要

Whilst this reform on the face of it looks like a simplification, the practicalities are that the personal representatives of the last of the married couple or civil partner to die will need to have or know where to find a lot of information about the first to die, an event that may have taken place many years previously. Where there is currently a surviving partner, action now could save a lot of pain later.The basis of the new legislation is that where death occurs of a surviving partner on or after 9th October 2007 the estate of the surviving partner can utilise the unused part of the nil rate band of the first spouse to die, irrespective of when they died.