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Leeds: 0113 244 6100

Sheffield: 0114 267 5588

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Do you benefit from the 2017 inheritance tax changes?

The new ‘Residence Nil Rate Band’ aims to put more family homes beyond the reach of inheritance tax.

Potentially, a couple could have a combined inheritance tax nil rate band of £1m from 2020.

The main Residence Nil Rate Band in a nutshell

The new rules effectively acts as an increase to the existing inheritance tax nil rate band of £325,000 per person. Until April 2017 anybody with an estate worth £325,000 or less falls outside the inheritance tax rules. From April 2017, this £325,000 limit will increase in certain circumstances.

The Residence Nil Rate Band is available for individuals who pass on their main residence to direct descendants such as children or grandchildren (and includes step-children, adopted children and foster children)

It applies to single people as well as married couples and civil partners.

However, if the net value of the deceased’s estate is above £2m, the additional main residence nil-rate band will be tapered away.

In short, although the Residence Nil Rate Band is likely to be a considerable benefit for many people, the rules are rather complicated so we recommend that you review your will to see how you could benefit.

In Summary 

The devil is in the detail. Do not automatically presume that your estate will qualify.

We recommend that you review your will in light of these new rules.

Please download our free guide below and if in doubt, please get in touch.

Residence Nil Rate Band

Peter Clarkson View Biography

Peter Clarkson

Solicitor
Sheffield

Kieran McIvor View Biography

Kieran McIvor

Solicitor
Leeds

Meet the team

Andrew Wriglesworth View Biography

Andrew Wriglesworth

Partner
Leeds

Jane Netting View Biography

Jane Netting

Partner
Sheffield

Marie-Louise Hamilton View Biography

Marie-Louise Hamilton

Partner
Leeds

Peter Clarkson View Biography

Peter Clarkson

Solicitor
Sheffield

Kieran McIvor View Biography

Kieran McIvor

Solicitor
Leeds

Elizabeth Pearson View Biography

Elizabeth Pearson

Solicitor
Leeds

Strong and stable: ignore the spin, the substance still matters

Strong and stable might no longer be a fashionable phrase, but that's exactly what good governance of academy trusts is all about.

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Modern slavery statements and the academy trust

With victims of modern slavery in England likely to number over 10,000, we consider supply chain transparency requirements for academy trusts.

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Community-led housing: Lancaster gathering

Interested in community-led housing? Join us on Saturday 4 November at the Friend's Meeting House in Lancaster.

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Philanthropy Impact - The role of professional advisers, philanthropists...

Date: 07 Nov 2017

Venue:

Speaker: Fran Hegyi, Executive Director, Hull UK City of Culture 2017; Andrew Dixon, Director, Culture Creativity Place, Bid adviser Leeds 2023; Other speakers TBC

Further information and booking

Schools Breakfast Club: Preparing for GDPR in Schools - 14th November

Date: 14 Nov 2017

Venue: Wrigleys Solicitors, 19 Cookridge Street, Leeds

Speaker: Ibrahim Hassan, solicitor and director of Act Now Training Limited

Further information

Community ownership of land and buildings: lessons and policy implications Scotland & the North

Date: 16 Nov 2017

Venue: Radisson Blu, Leeds

Further information

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