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22 September 2020
Inheritance tax residential nil-rate band entitlement.
My client is recently divorced and his wife remains in the former matrimonial home while my client retains a half share in his own name. On his death this share will pass to his daughter.
The client has asked whether he will be entitled to the inheritance tax residential nil-rate band on the value of this property in his estate. I know that the relief applies to a house that is occupied at death and this would be extended to the excess proceeds from selling a home to downsize but I cannot see anything in the guidance that correlates to this situation.
I look forward to readers’ thoughts.
Query 19 619 – Seeker.
The residence must pass to a direct descendant and must be left by will.
Every individual has access to the standard nil-rate band of £325 000 as well as a residence nil-rate...
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