Website Cookie Policy

We use cookies to give you the best possible online experience. If you continue, we’ll assume you are happy for your web browser to receive all cookies from our website.
See our cookie policy for more information.

Practice Areas

More Information

thepartners@wrigleys.co.uk

Leeds: 0113 244 6100

Sheffield: 0114 267 5588

FOLLOW WRIGLEYS:

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 and if in doubt, please get in touch.

Peter Clarkson View Biography

Peter Clarkson

Direct Line: 0114 267 5581

Solicitor
Sheffield

Kieran McIvor View Biography

Kieran McIvor

Direct Line: 0113 204 1108

Solicitor
Leeds

Meet the team

18 Mar 2019

Schools and the provision of affordable housing

Assessing the implications of an absence of affordable housing for teachers, and considering how schools' surplus land could provide solutions.

15 Mar 2019

Can a failure to provide rest breaks under Working Time Regulations lead to personal injury damages?

Employers who refuse rest breaks may be liable for personal injury caused by the lack of breaks

12 Mar 2019

Teacher's suspension was not in breach of contract

Court of Appeal: employer had reasonable and proper cause to suspend pending investigation of allegations of unreasonable force against children