When administering an Estate there are certain exemptions and reliefs that can be applied to reduce the amount of inheritance tax payable, one of these is the Residence Nil Rate. This can apply if you are giving away your home to a direct descendant such as children or grandchildren (included adopted and step).
As of 06 April 2020 this has risen from £150,000 to the sum of £175,000 and may apply to an Estate where the individual passed on 06 April 2020 or afterwards.
There are various rules around the application of the Residence Nil Rate Band which can involve the value of the Estate and also the ability to pass this between spouses and civil partners. If you would like to know more then please contact our Wills & Probate Department on 01892 824 577 or on pembury@burtons-solicitors.com
