Still unclear on what the Residence Nil Rate Band is about? Here's what you need to know..... What is the Residence Nil Rate Band (RNRB)? The RNRB is an additional allowance for inheritance tax. It applies in addition to the existing IHT Nil Rate Ban
The priority for most of us when we die, is to ensure that our loved ones inherit from us, and that our assets pass safely to them, without risk of being lost. This may not always be as simple as we would wish. Assets may be ‘lost’ in a number of ways; one of which might be to pay for
As the impact of the recent EU referendum is analyzed and assessed, we are all observing wild speculation competing with conservative optimism. Whilst there is certainly some further disentangling to emerge, it would appear that in relation to inheritance and personal taxation matters
An additional Residence Nil Rate Band (RNRB) will be available for deaths on or after 6th April 2017 where a residence or interest in a residence is ‘closely inherited’. This means that it must pass to a lineal descendant or to spouse/civil partner of a lineal descendant or to a survi
The BBC has this week reported that the Ministry of Justice are proposing an increase in probate death fees to as much as £20,000 for those with large estates. Currently, fees are fixed at either £155 or £215 and under the new proposals it is suggested that most people will pay less.
Quite often when considering the importance of wills, particularly for those people with complex family situations or reasonably large estates, the statement is made, “Why can’t I just give away my assets during lifetime? The taxman will never know.” Theoretically anything is possible
The Telegraph has reported this week that thousands of families may need to review their wills if they want to benefit for the Governments new inheritance tax allowance. It is stated that homes left to children through a discretionary trust will not benefit from the Family Home Allowa
As we all start to digest the detail from the recent summer budget announcements, the much anticipated changes to inheritance tax thresholds was finally confirmed. At present, inheritance tax is payable at 40% on the value of an estate in excess of the tax free allowance of £325,000.
The Treasury has abandoned its proposal to introduce a single inheritance tax (IHT) nil-rate band (NRB) to be divided between all of an individual settlor’s trusts. The proposal was published in June this year, as part of a package advertised by HM Revenue and Customs as simplifying t