Maximising your opportunities for inheritance tax reliefs

As the end of the tax year approaches on 5th April, it's a good time to make sure you're maximising your opportunities for inheritance tax reliefs.  This year, as well as taking advantage of exempt lifetime gifts and transfers, property owners should also look at how the new transferable residence nil rate band fits their profile. The Residential Property Nil Rate Band Under the new rules, when a person leaves a residential property to direct descendants there will be an additional nil-rate band for inheritance tax purposes – the transferable…

The devilish detail on inheritance tax

In last summer’s Budget speech, significant changes to inheritance tax (IHT) were announced. This related to a new allowance for those who own their home and want to leave it to their children. For these homeowners, a transferable Residence Nil Rate Band allowance (RNRB) will be introduced from April 2017. However, the Treasury have tried to address a number of objections to the Chancellor’s original proposals. The Government came back with amendments to the Finance Bill to clarify the treatment of family homes left in trust, to extend the scope…

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