The Inheritance Tax Residence Nil Rate Band (RNRB) is a transferable allowance available to married couples and civil partners when their main residence is inherited by direct descendants, such as their children or
There are several types of reliefs from Inheritance Tax (IHT), one of which is IHT Business Relief. This can be a significant tax benefit for those with business interests, potentially offering either 50% or 100% relief
There are special rules concerning the liability to IHT of a transfer made during one’s lifetime. For example, most gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime
As a general rule, an individual who inherits property, money or shares is not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before any
The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or
There are special rules concerning the liability to IHT of a transfer made during a lifetime. For example, most gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime transfers