Does your Will benefit from the new tax-free allowance?
The Residence Nil-Rate Band (RNRB) is a tax-free allowance, introduced in April this year, that is available when you pass your main residence on to a direct descendant.
What do I need to know?
- It’s available in addition to your own nil-rate band of £325,000
- The allowance is being introduced in stages over four years, starting from £100,000 (April 2017)
- It covers the main residence, when passed to direct descendants, but certain conditions do apply
- Only one residential property will qualify for the relief. If you have multiple, you can nominate one
To find out more about the RNRB, click here.
It’s wise to review the terms of your Will, to ensure the RNRB is not lost.
Email firstname.lastname@example.org or call 0330 221 8855 to speak to one our friendly team for advice. Quote reference ‘Wills17’ for your 10% discount on new and updated Wills (offer ends 30th November 2017).