Residence Nil Rate Band (RNRB) is an allowance for people who pass on their property to their children, grandchildren or using the legal term “lineal descendants”. It’s an allowance that can be used to reduce your Inheritance Tax (IHT) burden.
At the moment the RNRB allowance stands at £125,000 per person increasing by £25,000 each year until it reaches £175,000 by April 2020. Remember, this allowance is on top of the standard IHT nil rate band allowance of £325,000.
Why not find out more about Residence Nil Rate Band.
While RNRB can ease an IHT burden, it is only useful if you meet the conditions. To find out more you can arrange an appointment with one of our financial planners.
In circumstances that your estate is worth more than these allowances, it might be worth looking at other tax-efficient options. These might include, but are not restricted to, gifting, updating your “will” or holding life assurance policies in trust.
Taxation is always changing and we would always recommend that you review your financial circumstances at least annually.
The information in this article is for information purposes only and does not constitute advice. No action should be taken based on this information alone.
How can Anstee & Co help you with financial planning?
We are a firm of Independent Financial Advisers (IFA’s). This means that the advice we offer is unbiased. We look at all the financial options available to you from the “whole of market”.
Also, if you would like to find out more about Residence Nil Rate Band or other tax allowances why not arrange an appointment. The first fact-finding meeting is free and without obligation.
Meetings can be arranged at a time and location that is convenient for you. Additionally, this may be at your home, place of work or one of our offices located at:
- Kettering, Northampton
- Stamford, Lincolnshire
- Towcester, Northampton
- Birmingham, Snow Hill Queensway
- London, Pall Mall
Our financial advisers live and make use of meeting rooms in:
- Bedford, Bedfordshire
- Droitwich, Worcestershire
- Northampton and Wellingborough in Northamptonshire.
Finally, why not contact us today to start securing your financial future.