What the changes to the UK nil rate band mean for IHT planning
By Kirsten Hastings, 31 Mar 17
A staggering 70% of people have no understanding of the new residence nil rate band allowance coming into force on 6 April, which could have serious implications for their inheritance tax planning, warns Old Mutual Wealth financial planning expert, Rachael Griffin.
45% did not realise the allowance will still apply even if the property is sold
“The government did not intend the RNRB to stop individuals from downsizing or selling their property. So they added a rule, which broadly speaking, means the value of the estate made from downsizing or disposal of the property is eligible for the allowance.”
Tags: IHT | Nil Rate Band | Old Mutual | Rachael Griffin
