The Residence Nil Rate Band : Will you benefit from the new rules?
The Residence Nil Rate Band was introduced by the Government on 6th April 2017 and reflects the Conservative’s pledge in 2007 to increase the Inheritance Tax Nil Rate Band to £1million for married couples and those in a civil partnership.
THE NIL RATE BAND (NRB)
Inheritance tax is charged at a rate of 40% on the amount over which an individual’s estate exceeds their NRB (currently £325,000 and frozen until tax year 2020/21), after exemptions and reliefs, when they die. The NRB can also be reduced by certain gifts made within 7 years of death.
Any unused NRB of the first spouse or civil partner to die can be claimed on the second spouse’s or civil partner’s death. For example, in a straightforward case of the first spouse or civil partner leaving their estate to the survivor, a combined NRB of £650,000 could be offset against their estate.
Bu hikaye Derbyshire Life dergisinin May 2018 sayısından alınmıştır.
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Bu hikaye Derbyshire Life dergisinin May 2018 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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