I thought I knew the answers to the following questions, but now I'm not 10
0% sure, so I wonder if somebody could clarify them.
1) Where transfers are made that are "potentially exempt", I know that they
eat up your nil-rate band before the balance in excess of the NRB can beco
Now, I know they get 100% taper relief after seven years. However, say I ma
ke a transfer of £750,000 and the nil-rate band in twenty years time is
£500,000. Do I assume that based on current legislation, that my nil-rate
band is always going to be zero unless the nil-rate band exceeds the value
of the transfer ?
2) Assuming the above is the case, then there never will be a nil-rate band
to can be passed to a spouse ?
Thanks in advance if anyone can clear these points.
- posted 6 years ago