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Transferable residence nil rate band.
My elderly client Andrew died on 30 April 2017. His estate comprised only a one half-share interest in the family home and £25 000 cash. accepted the value of the interest in the property to be £275 000. There were no liabilities and no gifts out of capital to consider. In his will Andrew left all his estate on discretionary trusts the beneficiaries being his widow Jane their four children and various grandchildren.
Andrew’s estate is wholly covered by his nil rate band. His unused nil rate band is £25 000 or 7.692% of any enhanced band.
Jane moved later to an annex provided by one of her daughters. The property has now been sold for £530 000 less costs of £10 000. One half of the net proceeds has been paid into Jane’s bank account. Her other personal investment assets stand at £240...
