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How to beat Chancellor's freeze on Inheritance Tax Nil Rate Band

30 March 2010

The Chancellor may have frozen the inheritance tax nil rate band for the next four years but there are still a number of ways to cut down on the IHT married couples may otherwise have to pay, says Kent lawyer Harvey Barrett.

Harvey, partner and head of the private client, trusts and estates team at leading regional law firm Furley Page, comments: “The Chancellor has been very clever because where there is little or no increase in the nil rate band between spouses’ deaths the transferable nil rate band relief is far from generous.

“However, careful Will drafting and the use of trust funds on a couple’s estate worth more than £650,000 could save thousands of pound of tax – and what’s more, this type of Will has the added benefit of preserving the estate from being eroded by care home costs payable by the survivor.

The transferable IHT nil rate band was introduced in 2007.

For further information on tax-saving options contact Harvey Barrett on 01227 763939

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