Inheritance Tax And The Family Home 5 Things You Should Know
The Residence Nil Rate Band (RNRB) came into effect on 6 April 2017. This is an Inheritance Tax allowance which will be available in addition to the standard Nil Rate Band, currently £325,000, where the family home is left to children or grandchildren. Whilst the legislation itself is rather complex, here are five things you should know about the RNRB.
Amount of RNRB available
Although the RNRB came into force on 6 April 2017, it will be phased in over the next four years. The RNRB will start at a maximum allowance of £100,000 per person and will increase by up to £25,000 each tax year until 2020. After 2020, the maximum RNRB will increase in line with inflation (based on the Consumer Prices Index).
Tax Year Maximum RNRB available 2017-2018 £100,000 2018-2019 £125,000 2019-2020 £150,000 2020-2021 £175,000
Who qualifies for the additional RNRB?
An individual's estate will only be entitled to benefit from the RNRB where:
An individual dies on or after 6 April 2017; An individual owns a home, or a share of one, and this has been occupied as their residence at some stage before their death (although see later comments on downsizing); and The home, or a share of it, is inherited by direct descendants such as the deceased's children or grandchildren. Larger estates may not benefit from the RNRB
Where the value of an estate is more than £2 million, after deducting liabilities but before reliefs and exemptions are applied, the RNRB will be tapered away or withdrawn completely. The RNRB will be reduced by £1 for every £2 that the estate exceeds the £2 million threshold and so, on the introduction of the RNRB, there will be no RNRB available if the deceased had assets of more than £2.2 million...
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