For inheritance tax (IHT) purposes, every individual is entitled to a nil rate band (NRB), currently worth £325,000. This means that the first £325,000 of his/her death estate (basically assets less liabilities) falls subject to a charge at 0% (assuming no lifetime gifts within seven years of death).
Malcolm Finney looks at aspects of the residence nil rate band that are not commonly understood and provides case studies to further explain these points.
It is a sample article from our monthly Tax Insider newsletter but you can read it right here:
>> Home Sweet Home: The Residence Nil Rate Band And Inheritance Tax
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