Inheritance Tax Changes Mean Wills Should be Reviewed
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Changes are due to take place to the Inheritance Tax rules very shortly. From 6 April 2017, an additional residence nil rate band (RNRB) will be available for those who leave their family home direct to descendants such as children or grandchildren.
What is Inheritance Tax?
Based on the value of your assets, inheritance tax is a charge made on your death at the rate of 40%. The charge applies on the value of your assets which exceeds the current nil rate band (currently £325k).
What will the changes to the rules mean for me?
With the additional residence nil rate band, you could help those who inherit your assets pass to them without a charge to inheritance tax or a reduction to it.
In a nutshell, the new rules could save your loved ones money when you pass away.
What should I do to take advantage of the new rules?
Whilst the RNRB does not apply until the 6 April 2017 we recommend that you review your will or revisit your estate planning in order to try and maximise this tax saving effect.
The conditions for claiming RNRB are complicated and expert advice should always be sought.
How we can help
Samuels Solicitors, based in Barnstaple North Devon, have an unrivalled private client team, dealing with wills, probate and estate planning, to the highest possible standards.
If you would like to review your will or indeed make a will then please contact one of our specialist team who will be happy to assist.