Inheritance Tax on main residence nil-rate band and downsizing proposals: technical note
This note provides further details of the proposals announced in the Summer Budget on 8 July 2015 for the main residence nil-rate band.
Documents
Details
Summer Budget 2015 announced that anyone who downsizes or ceases to own a home on or after 8 July 2015 will still be able to use the main residence nil-rate band when assets of an equivalent value, up to £175,000 by 2020 to 2021, are passed on death to direct descendants.
This note provides further details of proposals and gives some examples to illustrate how they would apply. It also asks whether the details need further clarification and seeks views on the issues and practical difficulties in implementing the proposals. The responses will inform the draft legislation to be included in Finance Bill 2016.
The deadline for responses is 16 October 2015.
Updates to this page
Last updated 7 October 2015 + show all updates
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Article added to the Inheritance Tax: latest documents page.
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First published.