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New inheritance tax perk

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  • New inheritance tax perk

    From April 5, each individual can claim an additional allowance of £100,000 to offset the sale of a family home on death, on top of their existing £325,000 inheritance tax exemption. This new tax allowance will rise to £175,000 by 2020, allowing a couple to pass on £1m estates tax-free.
    However, not everyone will qualify for the new perk. It will not be available to those without children, or to many business owners. Estates worth more than £2m will also be penalised.


    This is only my opinion - "Opinions are made to be changed --or how is truth to be got at?" (Byron)

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  • #2
    Re: New inheritance tax perk

    This was meant to be Cameron's winning point of the manifesto when he spoke of nil rate bands rising to £1,000,000. In reality it is nothing of the sort.
    The residential nil rate band attaches to the family home and will only come into operation piecemeal for those properties left to children, step children and grandchildren. It is complicated and in practice the experts in the field have serious concerns how this will actually work.
    It would have had the same effect just increasing the nil rate band allowance for everyone by £60,000 or so, rather than the mess that has been drafted.
    At the end of the day many family homes will not exist for a huge number as they will have been sold for care fees in any event.
    All I can say is everyone should be checking their wills if they have assets over the nil rate band allowance. There will be a period of uncertainty while this rule beds in I'm afraid.
    End of rant ��
    I am a qualified solicitor and am happy to try and assist informally, where needed.

    Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any practical advice I give is without liability. I do not represent people on the forum.

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    • #3
      Re: New inheritance tax perk

      Originally posted by Peridot View Post
      This was meant to be Cameron's winning point of the manifesto when he spoke of nil rate bands rising to £1,000,000.
      . . . .which led me to vote Tory for the first time in my life

      I'm particularly bitter about (smug) marrieds being able to leave more money to their children than us singletons. The fact my husband ran off with his secretary and didn't pay a bean towards his child's upbringing will become a double-whammy for me (and my daughter) when I die.



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