New ‘Residence Nil Rate Band’
Inheritance Tax and the implications that this can have upon a person’s estate is always a topic for much discussion. April 2017 saw the introduction of the new Inheritance Tax “Residence Nil Rate Band” for residential property that is comprised within a person’s estate.
The rules relating to this important new tax relief are complex. For example, although it is normally applicable to residential property comprised within a person’s estate, it can sometimes apply if a person, as at their date of death, does not own a residential property but used to own a residential property.
Existing Wills should be reviewed as sometimes seemingly trivial provisions within a Will might have the result of this important and valuable Inheritance Tax Relief not being available to utilise in connection with your estate.