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Bricks and mortar
KEY POINTS
- The residence nil rate band is being phased in from April 2017.
- The relief is tapered away if the estate is worth more than £2m.
- The relief from more than one pre-deceased spouse can be transferred.
- Relief may still be available even if the property is no longer used on death.
- The relief cannot be set against inheritance tax on lifetime gifts.
- A claim for downsizing addition must be made within two years of the end of the month the taxpayer died.
The rules on inheritance tax residence nil rate band (RNRB) have now been in force for a few months and we are starting to face some of the practical issues associated with such a complex piece of legislation. A taste of this is given...
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