New inheritance tax rules for passing on the family home started on 6 April 2017

TRADING OR A CAPITAL GAIN

New inheritance tax rules for passing on the family home started on 6 April 2017. This new relief should be taken into consideration when drafting your Will and we can work with your solicitor to make sure your Will is tax efficient.

From 6 April 2017 an additional nil rate band of £100,000 is now available on death where your residence is left to direct descendants. This is in addition to the normal £325,000 nil rate band and will increase over the next 4 years to £175,000 in 2020. This additional relief is however restricted If your assets exceed £2 million.

The rules are fairly complicated.  Contact us, we can review your personal circumstances to ensure that you take advantage of all the relief that you are entitled to.

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