What the changes to the UK nil rate band mean for IHT planning
By Kirsten Hastings, 31 Mar 17
A staggering 70% of people have no understanding of the new residence nil rate band allowance coming into force on 6 April, which could have serious implications for their inheritance tax planning, warns Old Mutual Wealth financial planning expert, Rachael Griffin.
40% did not realise any outstanding mortgage is deducted before applying the allowance
“The value of the home for RNRB purposes is the open market value of the property minus any liabilities secured on it such as a mortgage.”
Tags: IHT | Nil Rate Band | Old Mutual | Rachael Griffin
