Chancellor of the Exchequer Jeremy Hunt presented the Autumn Statement to Parliament on 17 November 2022 and confirmed that Inheritance Tax will remain frozen. Both the Nil Rate Band and Residence Nil Rate Band were frozen at their current values of £325,000 and £175,000 respectively until April 2026 under the...
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Tag Archives: residence nil rate band
Changes to Inheritance Tax – Does your Will need to be updated?
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Changes to Inheritance Tax – Does your Will need to be updated? On 6 April 2017, the residential nil-rate band (RNRB) came into force. This new tax allowance could potentially enable couples who own their home to pass up to £1 million to their direct family, free of Inheritance Tax...
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Main Residence Nil Rate Band
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Main Residence Nil Rate Band A change in the law around Inheritance Tax (IHT) is a timely reminder to people – and their professional advisers – about the importance of reviewing their affairs regularly says Rachel Adetitun of Ashton Grace. Inheritance Tax is always a tricky issue and now people...
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Budget 2016: Inheritance Tax
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With substantial changes planned in the rates paid for Income and Capital Gains Tax, it was unsurprising there were no major new announcements concerning Inheritance Tax (IHT). The Government instead reconfirmed its commitment to the new Residence Nil Rate Band (RNRB) introduced in the summer 2015 Budget: An extra £175,000...
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