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Residence Nil Rate Band Increase

The 6th April 2018 marked an expected increase in the Residence Nil Rate Band. For deaths that occur in the tax year 18/19, the Residence Nil Rate Band is £125,000.

As projected by the government in April 2017, the new Residence Nil Rate Band was introduced and set to increase annually:-

For deaths during the following tax years:

2017-2018 = £100,000

2018-2019 = £125,000

2019-2020 = £150,000

2020 onwards = £175,000

Combined with the Nil Rate Band of £325,000, by 2020 an individual will be allowed £500,000 worth of assets tax free. It follows that a married couple will have a £1,000,000 allowance between them before Inheritance Tax is due.

For more information regarding the Residence Nil Rate Band, please read on here: https://www.foskettmarr.co.uk/index.php/2016/08/residential-nil-rate-band/.

If you wish to discuss this further please contact Ann Coutts on 020 8502 3991 for more information.

https://www.foskettmarr.co.uk/index.php/our-team/wills-trusts-probate-essex/

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