23rd February 2017
Prudential Planning now for the residence nil rate band
Graeme Robb, Senior Technical Manager at Prudential, writes about the residence nil rate band and the advice opportunities it presents for you when tax year end planning with your clients.
In Prudential’s Planning Matters family, they considered a widow Margaret, and married couple John and Anne, for whom the residence nil rate band (RNRB) is influencing planning even before its introduction. The broad idea behind the RNRB is that by 2020/21, the allowance of £175,000 will work in tandem with the existing £325,000 nil rate band (NRB) to enable a ‘couple’ to pass on a total of £1m to children/grandchildren free of inheritance tax. If only it were that simple…
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