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HMRC have published a new guidance explaining how the residence nil rate band (RNRB), or home allowance, for inheritance tax applies in most circumstances.
An estate will be entitled to the RNRB if the:
• individual dies on or after 6 April 2017
• individual owns a home, or a share of one, so that it’s included in their estate
• individual’s direct descendants such as children or grandchildren inherit the home, or a share of it
• value of the estate isn’t more than £2 million
An estate will also be entitled to the RNRB when an individual has downsized to a less valuable home or sold or given away their home after 7 July 2015.
The maximum available amount of the RNRB will increase yearly .
More details are available here
If you would like to discuss the above please call Cheadles accountants in Stafford on 01785 254550