IHT nil rate band set to rise

George Osborne revealed in his Autumn statement yesterday that the tax free nil-rate band for inheritance tax (IHT) will increase to £329,000 in year 2015/16.

The current nil-rate of £325,000 has been in place since 2009.

The increase in the nil-rate band means that as of 2015/16 a married couple/civil partnership will be able to leave £658,000 before IHT is payable.