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Mills Selig

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The Family Home and Inheritance Tax

Inheritance tax is payable at the rate of 40% on a deceased person’s estate where the net assets are greater than £325,000. This is called nil rate band (NRB). If the NRB is not used on the death of the first spouse (this term includes civil partners) any unused NRB may be transferred to the surviving spouse. This means an estate can be worth a total of £650,000 before inheritance tax is payable.

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