Changes to Inheritance Tax
If you are currently studying the Legal Secretaries Diploma course and have studied the Wills, Probate and Administration module, you will be familiar with the fact that inheritance tax is not currently payable on estates below the “nil rate band”. The nil rate band (NRB) is currently set at £325,000, meaning that for any estate over this figure, tax is payable on the difference at the rate of 40%.
However, as of 6 April 2017, a change to this law has come into effect.