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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