An additional nil-rate band was applied yesterday as a result of the emergency Budget. It applies when a property is bequeathed to a beneficiary following the owner’s death. This nil-rate band will be £100,000.00 in 2017 to 2018, £125,000.00 in 2018 to 2019, £150,000.00 in 2019 to 2020, and £175,000.00 in 2020 to 2021.
It will then increase in line with the Consumer Price Index from 2021 to 2022 onwards. Any unused nil-rate band will be transferred to a surviving spouse or to a civil partner. It will also be available when a person downsizes or ceases to own a home on or after 8th July 2015 and assets of an equivalent value, up to the value of the additional nil-rate band, are passed on death to direct descendants/beneficiaries..
Ola Leslie Solicitors are probate specialists and can advise you on the implications of inheritance tax and we can assist you on all probate matters. We also specialise in setting up trusts and frequently deal with deputyship, guardianship and Court of Protection work.
Ayesha Leslie, Partner
Ola Leslie Solicitors
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