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.
36% did not realise property had to be left to direct descendants to benefit from the allowance
“To make use of the new allowance the recipient must be a child, grandchild or other lineal descendant or a spouse or civil partner of a lineal descendant. It’s important to note that direct descendants don’t include siblings, nieces and nephews or other relatives.”
Tags: IHT | Nil Rate Band | Old Mutual | Rachael Griffin
