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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:

  • everyone has a new allowance of £1M;
  • everyone can pass their home free of tax to their children

You may not get the full allowance (or double the allowance) if:

  1. your estate exceeds £2M
  2. you rent property
  3. you don't leave your property (or proceeds of sale) to the right qualifying people and in the right manner
  4. you are unmarried

WATCH THIS SPACE!

The myths around not having a Will?

There are 3 common myths surrounding what happens if you don't have a Will.

My spouse or Civil Partner will inherit everything

Not true.  It depends on asset values and ownership of your assets.

Your spouse/Civil Partner will inherit the joint assets.  The distribution of the rest of the estate is governed by the laws of intestacy and these are different depending on whether you have children or don't have children.  And this could trigger an unneccessary Inheritance Tax bill because you haven't fully utilised your tax exemptions.

My partner will inherit my estate as we've been together for over two years

Not true.  Partners will only inherit the joint assets.  They inherit nothing else - common law or otherwise - regardless of how long you've been together.  Refer to the laws of intestacy for single/unmarried people.

My children will go to my family

Not necessarily true.  It will probably be decided by the Family Court in consultation with Social Services.  They might be made wards of court.  See the page on the importance of appointing guardians in your Will.