Hi,
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 me chargeable.
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.
Rgds Nigel.