How does the Residential Nil Rate Band allowance work?

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The NRB is usually £325,000 per person and is supposed to increase by Consumer price index annually although it is currently frozen until 2024. This allowance is effectively a tax-free allowance for IHT purposes. It is transferable on death between spouses and married people who were previously widowed could claim up to 3 allowances.

It is transferable on death between spouses and married people who were previously widowed could claim up to 3 allowances.

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