This guide explains how the new Residence Nil Rate Band (RNRB) will apply. It is written as an overview, outlining how a simple looking addition to the IHT rules actually has some complexity to it.
The guide’s aim is to help you understand the basic aspects of how this new rule will apply, including covering:
– Who it will affect
– The type of property that will qualify (and those that won’t)
– How the £2 million asset rule will affect certain wealthy individuals
– How the downsizing provision will apply
– Why some trust arrangements will be affected and some won’t
– Why reviewing existing Wills and Estate Planning strategies is highly important
If you are concerned about Inheritance Tax and what it means for you and want to find our more about RNRB then book a Discovery Meeting with a member of the Penguin Advice Team.
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