Residence Nil Rate Band (RNRB).
A new tax-free allowance was announced in the Summer Budget 2015 (the Residence Nil Rate Band) that will take effect on or after 6th April 2017. Downsizing provisions have yet to be finalised.
There are a lot of myths and misconceptions surrounding this new allowance - please call or view our website pages (not yet updated) for further information - including:
You may not get the full allowance (or double the allowance) if:
WATCH THIS SPACE!
Dealing with money and paperwork can be difficult if you become unable to manage your personal affairs for any reason, and in ill health it may be impossible. The same can be equally said if you are a business owner.
Before that happens it might be easier to appoint a trusted representative – known as an Attorney – who can look after your personal finances and welfare for you should the situation arise. It is arguably more important that this is done for your business.
The Lasting Power of Attorney or LPA is a legal document which allows you to do this. If required you are able to have an LPA that deals with your personal affairs and another dealing with your business affairs.
Please click here for details on the Lasting Power of Attorney.
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