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Inheritance Tax – Residential Nil Rate Band

Inheritance Tax – Residential Nil Rate Band: While it is a problem many people would like to have, the thought of paying 40% inheritance tax on your estate can be galling. The government has now introduced a Residence Nil Rate Band meaning that by 2020 individuals will, in certain circumstances, be able to leave up to £500,000 (£1million for married couples) without having to pay any inheritance tax. It is, of course, more complicated than that! This article from the Law Society of Scotland Journal provides a good starting point for those of you who may be affected. If you would like to discuss the implications of this change and any necessary amendments to your Will or inheritance tax planning please contact our office.