Transferring nil rate bands between married couples may seem like a seamless process. However, Mark Wilkinson believes much preparation needs to be made to ensure the transfer runs smoothly
Ensuring that maximum use is made of tax allowances has always been one of the fundamental aims of successful financial planning. This has been a particular issue for many married couples and, latterly civil partners, in the area of inheritance tax and nil rate band planning. For such couples the introduction of transferable nil rate bands with effect from 9 October 2007 has, apparently, made this type of planning much easier, such that many clients may feel that advice in this area is no longer necessary. However, dig deeper into the practical requirements of how the new rules work and...
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