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Inheritance Tax Residence Nil Rate Band
GeoffD33
Posts: 1 Newbie
This is a query about my reading of the Residence Nil Rate Band rules, and the 'downsizing' relief. The simple scenario is as follows for someone still alive, but permanently in a care home with a house now standing empty. Her will leaves her entire estate to her direct descendants so RNRB would apply on her death now. My reading is that if the house is sold now, whilst she is still alive, RNRB will still be available when she dies. The house is worth less than the current RNRB limit of £175,000. Does that sound correct?
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Comments
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That is correct. As the house is worth less than the full RNRB allowance, it can only be claimed up to the value of the house.0
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