From April 2020, an additional nil rate band of up to £175,000 is available on death where your residence is left to direct descendants. This is on top of the normal £325,000 nil rate band. The residence nil rate band is however restricted if your assets exceed £2 million. Note that the additional inheritance tax relief is available even when you downsize to a smaller property or move into care, provided assets of equivalent value are left to direct descendants in your Will.
Passing on the family home
Feb 10, 2020 | Company News