It is proposed that there will be an additional Nil Rate Tax Band for a person’s residence when this is passed to a direct descendant on death. The additional Nil Rate Tax Band will be:-
2017-2018 – £100,000
2018-2019 – £125,000
2019-2020 – £150,000
2020- 2021- £175,000
With effect from 2020-2021 assuming no increase is made in the existing Nil Rate Tax Band the Nil Rate Tax Band will rise to £500,000.
If this proposal is agreed this will be in addition to any existing Nil Rate Tax band that is currently in place.
If you wish to discuss and of the above please contact a member of our Wills and Probate team on 01708 745183