Inheritance Tax and the Residential Nil Rate Band

The residential nil rate band (RNRB) has been with us for 2 years and provides an additional allowance before inheritance tax (IHT) is payable after someone has died. There are many variables in order to qualify for this relief. Currently the allowance is £150,000 each and is transferrable between marrieds giving potentially £300,000 of relief on the second death. In April 2020 it will increase to £175,000 each giving married couples a possible £350,000 of relief.

We recommend you review your Will as the conditions for claiming the RNRB are complicated. Many of our clients have trusts in their Wills which could potentially result in losing the right to claim this important tax relief. If you have children and your estate as a single person is worth more than £325,000 or as a married couple is over £650,000 please get in touch with us to ensure that your family can benefit from the potential IHT savings that the RNRB can offer.

Call us on 0121 445 5874 or email us at info@nullsuejendenassociates.co.uk.

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