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GLOSSARY

Transferable nil rate band (TNRB) definition

Published by a LexisNexis Private Client expert

What does Transferable nil rate band (TNRB) mean?

A colloquial term for the inheritance tax rules which enable the estate of a surviving spouse or civil partner to benefit from the unused nil rate band of the first of the couple to die.

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Mixed domicile spouses and civil partners

Mixed domicile spouses and civil partners STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime Finance Act 2025 (FA 2025) which received Royal Assent on 20 March 2025, implements legislation to abolish the remittance basis of taxation and replace it with a residence-based regime, commencing on 6 April 2025. FA 2025 also replaces domicile as the key factor in establishing liability to inheritance tax. Other changes include amendment of the rules determining excluded property status, the abolition of protected settlements status of offshore trusts, and changes to overseas workday relief. For information on these changes, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. See also: Finance Bill Tracking Service: Key dates (Finance Bill 2025) and Finance Act 2025. Section 18 of the Inheritance Tax Act 1984 (IHTA 1984) contains an unlimited exemption from inheritance tax (IHT) for transfers of value between spouses and civil partners, except where...

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