Inheritance tax (IHT) is a concern for anyone who is wealthy and for whom the £325,000 nil rate band and £175,000 residence nil rate band, and their transferable equivalents, are insufficient to protect their estate from an IHT charge on death. For an individual, that is wealth up to £500,000. For the survivor of a married couple or civil partners, wealth up to £1million is protected. However, the residence nil rate band can taper away where wealth exceeds £2million and there are specific requirements relating to passing on their home. For most individuals who are wealthy, it is probable then …
