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Latest Legal News

Latest Legal News

The Arrival Of The Residence Nil Rate Band

The announcement in the summer 2015 Budget of a £1 million inheritance tax (IHT) threshold for couples was understandably welcomed, having seen the IHT nil rate band frozen at £325,000 since 6 April 2009.  As is usually the case with these types of announcements, all was not quite what it seemed.

Rather than increasing the existing nil rate band to £500,000 per person, the government decided to somewhat complicate matters by the introduction of an additional nil rate band - the ‘Residence Nil Rate Band’ (RNRB)  - which comes into effect for deaths on or after 6 April 2017.<

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Burness admin