Is it time to update your Will to gain the full tax advantages of the Residence Nil Rate Band?
In April 2017 the Inheritance Tax legislation changed when the government introduced a new allowance known as the Residence Nil Rate Band. This allowance is an additional £175,000 which you can leave to your heirs on your death completely tax free.
In order to qualify for the Residence Nil Rate Band allowance, you must leave your main residence (or the net proceeds of sale of your main residence) to your children or grandchildren on your death.
Some Wills prepared prior to 2017 may not be drafted in a way that will allow your Executors to claim this allowance on your death. It is therefore definitely worth reviewing your Will to ensure you can leave the maximum tax free amount to your children when you die.
If you would like to arrange a meeting with one of our specialist Will lawyers, please get in touch with us. We can see you in any of our North Devon offices, located in Barnstaple, Bideford, Braunton, Tiverton, and South Molton. Alternatively we can deal with the initial appointment via telephone, Zoom or Teams. We also offer home visits for a small additional charge.
