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The operation of the RNRB rules that will apply on downsizing.
KEY POINTS
- The RNRB will be adjusted if a person moves to a lower value property from a high-value one.
- The rules apply to sales of property that take place after 8 July 2015.
- The property must be closely inherited by a direct descendant including stepchildren and adopted and fostered children.
- The legislation is complex.
When George Osborne presented his post-election Budget speech one of the key announcements was that he would ‘take the family home out of [inheritance] tax’. The detailed documents afterwards explained that there would be an additional inheritance tax (IHT) allowance available if an individual passed their family home to their children grandchildren or remoter descendants including stepchildren adopted children and foster children. It was clarified later that the property could either pass to them...
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