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Autumn Statement: Gov't raises IHT nil rate band to £329k

Autumn Statement: Gov't raises IHT nil rate band to £329k

The inheritance tax (IHT) nil rate band will increase by 1% in 2015-16 to £329,000, the government has announced.

The IHT nil rate band has been frozen since 2009 at £325,000. The government said the measure would raise an extra £35 million by 2017-18.

The threshold was frozen in the 2010 Budget until 2014-15. If the estate is more than the threshold, IHT is charged at 40% on the amount over the nil rate band.

From April 2012 anyone who leaves over 10% of their estate to charity can choose to pay a reduced rate of 36%.

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