The Main Residence Nil Rate Band could mean you are eligible for tax relief on your estate.
Introduction
In the July 2015 Budget, the government introduced new rules which introduced an additional Main Residence Nil Rate Band (RNRB) for an estate if the deceased’s interest in a residential property, which has been their residence at some point and is included in their estate, is left to one or more direct descendants on death.
The value of the RNRB for an estate will be the lower of the net value of the interest in the residential property (after deducting any liabilities such as mortgage) or the maximum amount of the band.
The maximum amount is to £175,000 in 2024/25, and is now frozen until April 2028.
How can we help you?
If you would like to discuss your estate and the allowances available to you, or if you wish to arrange an initial no cost, no obligation, consultation, then please fill out the contact form below. Alternatively, you can call 01603 706 820 or email info@lffp.co.uk.
Important information
The contents of this fact sheet do not constitute financial advice. The impact of taxation (and any tax relief) depends on individual circumstances. This has been prepared based on our current understanding of UK Law, Taxation and HMRC practice, all of which could be subject to change in future.
