Rogers & Norton News

Budget 2015: Inheritance Tax changes

Thursday, July 9, 2015

Although the government has today confirmed that the nil rate band (the amount that can be left tax free on your death) is set to remain at £325,000 until 5th April 2021, an additional allowance, initially worth £100,000 as of 6th April 2017, can be taken into account regarding the value of the family home.

The aim is to expand the number of estates upon which no inheritance tax needs to be paid and to make it easier to pass on the family home to direct descendants (which are stated to include children – whether fostered, adopted or step-children – and their issue)

Also, the current transferable nil rate band remains in force for spouses and civil partners and will also include this additional allowance, as and when it comes into force.

Technical details have yet to be released, however this will be carefully reviewed by our team, so watch out for updates as and when they become available.

In the meantime, if you have any questions or require any advice do contact our team: Louisa Shailes, Wenke Lie-Critchley or Aileen Beck in our Norwich office on 01603 666001 and Christine Mason or Terence Blackford in our Attleborough office on 01953 453774.