The Government has introduced a transferable main residence allowance in addition to the existing nil-rate band – the residence nil-rate band (“RNRB”). In this Briefing Note, brought to you by Rooks Rider Solicitors’ Wealth Planning Team, we ask and answer the following questions:
What is the residence nil-rate band?
What does it apply to?
Who does it apply to?
Is the RNRB transferable?
Is there a limit?
What if you downsize or go into care?
The introduction of the RNRB is a positive step towards mitigating inheritance tax, or perhaps avoiding it altogether. With careful tax planning and a well structured Will, the RNRB can be a valuable relief. Read a copy of our Briefing Note entitled “Residence Nil Rate Band” to find out more, or contact a member of our Wealth Planning team.