The inheritance tax nil rate band will be frozen at £325,000 until 6 April 2021.
Future escalation of the nil rate band
In Voyant, both the nil rate band and the family home allowance that extends it are set to government mandated maximums until 2021 (the 2021/22 tax year). Moving beyond 2021, both may be escalated based on the software’s Nil Rate Escalation setting.
This assumption is found on the Preferences screen (click the cog icon, top-left). Expand the Default Inflation/Growth Rates panel.
The setting in Plan Preferences, to the right side of the screen, will apply to the client case that you are presently viewing. This assumption can also be edited on a per scenario basis within the client case.
The escalation setting in System Preferences, to the left side of the screen, is used only as an initial default in newly created client cases.
First Published 02 September 2015, Release 4.0.19