The latest Inheritance Tax (IHT) allowance, to be introduced from 6 April 2017, will be known as the Residence Nil Rate Band (RNRB). Whilst the government claims to be introducing RBRB to simplify tax legislation, it does present both complications and opportunities for taxpayers.
Initially, the RNRB will provide an additional tax free allowance of £100,000 and by 2020, when combined with the normal nil rate band, will total £1 million for a married couple. Aspects of the legislation are potentially discriminatory and unfair.
To find out more about how the new rules will operate in practice and to take advantage of any valuable additional allowances, speak to a member of our inheritance tax planning team. Our tax experts are available to guide you and advise you on the available strategies. If you would like to know more, please contact Barrie Dunning, Alan Ford or your usual Beavis Morgan Partner.