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Inheritance Tax Made Simple by Andrew Komarnyckyj

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1.12 Maximising the tax savings from transferable nil-rate bands

1.12.1 Consequences of making gifts

There is an argument to the effect that making gifts can have an adverse effect on the transferable nil-rate band. A gift made in the seven years prior to death will reduce or exhaust the value of the nil-rate band that the donor has at death; and subsequently his or her estate will not benefit from the increase in value of the nil-rate band that normally takes place and which would then be transferred to their spouse.

Example

If an individual is a widow, widower or surviving civil partner, he or she will have available the nil-rate band of his or her predeceased spouse or civil partner, less any reductions of this owing to gifts made ...

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