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:
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The Society of Trust and Estate Practitioners (STEP) is the worldwide professional association for practitioners dealing with family inheritance and succession planning. The Society helps to improve public understanding of the issues families face in this area and promotes education and high professional standards among its members.
STEP has approximately 20,000 members across 95 jurisdictions from a broad range of professional backgrounds, including lawyers, accountants, trust specialists and other estate planning practitioners. STEP members help families plan for their futures, specialising in a wide range of activities, from drafting a relatively simple will to more complex issues surrounding international families, protection of the vulnerable, family businesses and philanthropic giving.
The STEP Standard Provisions is a publication, subject to the law of England and Wales, which. sets out clear provisions to include in a Will avoiding technical terms that may confuse the lay reader.
Any properly drafted Will or Settlement must contain a large amount of text dealing with routine administration matters. It had been necessary to set this out in full in each document until STEP condensed this material into its Standard Provisions, which first published in 1992 and is now in its second edition.
Trust law has changed considerably since the first edition and the updated STEP Standard Provisions reflect this.
The STEP Standard Provisions second edition was led and mainly drafted by James Kessler QC TEP.
Click here to view the Standard Provisions on the STEP website (in PDF).
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