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Property monopoly
Key points
- The promise of a £1m inheritance tax threshold for married couples and civil partners.
- The RNRB applies to deaths from 6 April 2017 and was introduced in phases.
- The full band of £175 000 applies for deaths on or after 6 April 2020.
- The qualifying residence must be ‘closely inherited’.
- The relief is tapered if the estate exceeds £2m.
The Conservative election manifesto of 2015 promised that the government would ‘take the family home out of tax for all but the richest by increasing the effective inheritance tax threshold for married couples and civil partners to £1m with a new transferable main residence allowance of £175 000 per person.’
After the election a ‘residence nil rate band’ (RNRB) was introduced to take effect from 6 April...
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