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Where the first deceased dies with a cumulative total of lifetime transfers, the nil rate band is used against those transfers first. This reduces the amount of nil rate band that is available against the death estate and, in turn, that reduces the amount that may be available for transfer.聽

Example

Raj and Minal were married in 1955.

Raj died on 10 October 2002. He made lifetime gifts of 拢100,000 to his two children within the 7 years before he died. Minal died on 5 November 2007.

When he died, Raj鈥檚 estate was worth 拢400,000. He left legacies of 拢100,000 to his children and the residue (拢300,000) to Minal.

Unused nil rate band calculation

The nil rate band on Raj鈥檚 death is 拢250,000, but this is not the maximum that could be transferred at nil percent on the first death, because of the chargeable lifetime transfers made. The maximum that could have been transferred at nil percent would be

拢250,000-拢100,000 = 拢150,000.

So the value to be used for M is 拢150,000.

The chargeable value transferred on the death is 拢100,000. So, VT is 拢100,000.

Transferable nil rate band calculation

E is therefore 拢150,000 - 拢100,000 = 拢50,000.

The percentage of nil rate band available to transfer is E 梅 NRBMD 脳 100 or

(50,000 梅 250,000) 脳 100 = 20.0000%

At the date of Minal鈥檚 death the nil rate band was 拢300,000.

This will be increased by the amount available to transfer

拢300,000 + (拢300,000 X 20%) = 拢360,000

So the nil rate band on the second death, in this case, will be 拢360,000