The Essential Guide Magazine Culcheth July - August 2014 | Page 48

spouses or civil partners.
The amount of the nil-rate band potentially
available for transfer will be based on the
proportion of the nil-rate band unused
when the first spouse or civil partner died.
For example, if on the first death the
chargeable estate is £162,500 and the nilrate band was £325,000, then 50% of the
original nil-rate band is unused. If the nilrate band when the surviving spouse dies is
£325,000, then that would be increased by
50% to £487,500.
Is it time to update your estate plan?
If any of the following changes have
occurred since you last updated your estate
plan, it could be a good idea to reassess its
suitability:

contained therin.We do not undertake will
drafting ourselves but may advise on the tax
consequences of different estate planning
decisions. Tax is a complex area and specific
advice should be taken regarding [