Friday, November 1, 2019
Residence nil rate band
The residence nil rate band is only available against the value of your home.
Therefore, if an individual has inherited their spouses allowance, they will have £350,000 RNRB from 6 April 2020 but if their home is only worth £200,000 they will only qualify for £200,000 nil rate band, the extra £150,000 is lost.
It may become viable to build an extension, or upsize to make full use of the allowance.
Alternatively, if they have "downsized" since July 2015 then they may be able to claim a higher amount:
FOR INVESTMENT ADVICE REGARDING YOUR PENSION OR OTHER INVESTMENTS PLEASE CONTACT Elliott Wilson ACSI DipPFS AF3
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