The new residence nil rate band allowance came into effect on 6 April 2017
Will it affect you?
If you are married with children (and/or grandchildren), own your own home and have assets above the nil rate band allowance (currently £325,000) then this change in the law could affect you.
What are the inheritance tax rules?
Inheritance tax is a potential tax on your estate when you die. There is normally no inheritance tax to pay if the value of your net estate is below the nil rate band allowance (currently £325,000 applicable to every individual) or you leave the amount over £325,000 to your spouse/civil partner or to charity. Otherwise, unless an exemption or relief applies, which might attach to business assets and investments or agricultural property, the amount of your estate above this threshold is charged to tax at 40% (this is reduced to 36% if you leave 10% of your net estate to charity).
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