New Inheritance Tax Allowance - make sure you take advantage



Inheritance Tax is an eye-watering 40% and the number of UK families paying it is increasing each year as house prices push the value of family assets above the tax threshold.


A new home allowance introduced in April 2017 (called the Residence Nil Rate Band) now lets you pass on more. Broadly speaking, by 2020 if a married couple leaves their home to their children or grandchildren their combined allowance will increase to £1million which means only if you have assets above that amount will your estate have to pay 40% tax.?


However, people whose estates are worth more than £2million will have these additional home allowances gradually withdrawn, tapered at a rate of £1 for every £2 their estate is over this amount.


If you are one of the anticipated 45,000 estates likely to get taxed please contact us for advice.


Any Questions?
Get in touch with us today
with any enquiries
Contact us
Solicitors Regulation Authority, SFE (Solicitors for the Elderly) Accredited, Lexcel Legal Practice Quality Mark - Law Society Accredited