Residence Nil Rate Bands

Morrish SolicitorsElderly ClientLeave a Comment

It seems that Residence Nil Rate Bands are here to stay. Complicated as they are, they provide for an increase in the Nil Rate Band against Inheritance Tax (IHT) for people who have had a property in which they have resided and who leave it to their “direct descendants”. Putting it simply, the Nil Rate Band is a tax free … Read More

No Inheritance Tax on estates worth up to £1 million? Not quite!

Morrish SolicitorsElderly Client, Property, Site NewsLeave a Comment

George Osborne announced the introduction of an additional Inheritance Tax (IHT) Nil Rate Band (NRB) for a person’s main residence in the Summer 2015 Budget. This was good news for with wealth tied up in their family home. The existing NRB of £325,000 per person or £650,000 per couple, on which 40% IHT is not paid, will remain the same. But from … Read More