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A special inheritance tax relief, the residence nil-rate band, is fast approaching.
KEY POINTS
- The residence nil-rate band will be available if a ‘qualifying residential interest’ is ‘closely inherited’.
- Qualifying interests of UK domiciled individuals can be anywhere but must be in the UK for non-UK domiciled individuals.
- ‘Children’ is given a wider meaning than usual and includes adopted fostered and step-children.
- Care must be taken if the property is owned by or left to a trust.
- The relief will be tapered if the estate exceeds £2m in value.
The inheritance tax residence nil-rate band (RNRB) becomes available from 6 April 2017. Those advising on estate planning or drafting wills will need to be conversant with this new tax relief. Otherwise there will be a risk that the client might not be able to use the allowance with a...
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