The main residence nil-rate band is now in force, please see below and contact us if you wish us to review the impact this nil-rate band will have on your estate. Who is likely to be affected Individuals with direct descendants who have an estate (including a main residence) with total assets above the Inheritance Tax (IHT) threshold (or nil-rate band) of £325,000 and personal representatives of deceased persons. General description of the measure This measure introduces an additional nil-rate band when a residence is passed on death to a direct descendant. This will be: £100,000 in 2017 to 2018 £125,000 in 2018 to 2019 £150,000 in 2019 to 2020 £175,000 in 2020 to 2021 It will then increase in line with Consumer Prices Index (CPI) from 2021 to 2022 onwards. Any unused nil-rate band will be able to be transferred to a surviving spouse or civil partner. The additional nil-rate band will also be available when a person downsizes or ceases to own a home on or after 8 Ju...
This is the Allen Tomas & Co Financial Management blog. We'll put all the latest financial news here, as well as some things we think you'll be interested in.