The transferrable Nil Rate Band (TNRB) was introduced by the Finance Act 2008 and is available when someone has died on or after 9 October 2007, even if their spouse or civil partner died before this date. This was heralded by the Government as “doubling” the Inheritance Tax threshold for married couples and civil partners.
Making “gifts” is something that many of us do without realising the possible implications. However, making gifts can be a useful way to reduce or minimise any Inheritance Tax (IHT) liability on your death too.
A significant increase to Probate fees is set to take effect in April 2019 If you are named in someone's Will as an Executor, you may have to apply for Probate when that person dies. This is a legal document which gives you the authority to share out the Estate of the person who has died according to the instructions in the Will. Probate fees must be paid up front, before the Grant of Probate can be issued. The current cost of applying for Probate when using a solicitor is around £160.