HMRC have published a technical note covering the proposals, announced in the Summer Budget 2015, to phase in a new residence nil-rate band (RNRB) from 6 April 2017 when a residence is passed on death to a direct descendant.
The proposed rate bands are:
– £100,000 in 2017-18
– £125,000 in 2018-19
– £150,000 in 2019-20
– £175,000 in 2020-21
It is proposed that from 2021-22 the band will rise in line with the consumer price index (CPI).
Broadly, the proposals mean that where part or all of the RNRB might be lost because the…
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