Practical Law UK Glossary 0-584-0285 (Approx. 4 pages)
Glossary
Transferable nil rate band (TNRB)
A widely used, if somewhat misleading, shorthand for the inheritance tax provisions that 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.
Every individual, whether single, married or in a civil partnership has their own nil rate band. Where the first of a married couple or civil partners dies and all or part of their nil rate band is unused when their estate is distributed (whether in accordance with their will, on intestacy or under a deed of variation), the personal representatives of the survivor can claim a percentage increase in the survivor’s nil rate band equivalent to the unused percentage of the first spouse’s nil rate band, provided that the survivor dies on or after 9 October 2007.