24th March 2010 BUDGET PROPOSALS
AND CHANGES FOR 2010/2011 previously announced
(Subject to details in the Finance Bill)
Ellis Atkins have taken all due care in the presentation of these notes. No responsibility for loss occasioned to any person or company acting or refraining from action as a result of any material in these notes can be accepted by Ellis Atkins, its partners or staff. Please contact us or your own professional advisor for advice specific to your circumstances.

8.1 The starting point for Inheritance Tax (the “nil rate band”) was set to increase from £325,000 to £350,000 from 6th April 2010 for individuals. However, the planned increase has been withdrawn, the nil rate band is set at £325,000 and is frozen for the next four years.

8.2 The single rate on death of 40% is unchanged.

8.3 For married couples and civil partners, where the second death occurs on or after 9th October 2007, up to two nil rate bands, both at the amount applying on the date of the second death (£325,000 from 6th April 2010), are available to the estate.