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Married Couples with children now have the potential to leave up to £1,000,000 free of Inheritance Tax
6th April 2020 saw the Residence Nil Rate Band increase to its maximum of £175,000 per eligible person, when the qualifying criteria are met. The Residence Nil Rate Band is not something that is available to every individual and careful consideration must be given to your estate planning to ensure that where you do qualify, you are taking full advantage of the maximum amount available.
Where assets pass between spouses on the first death and the qualifying criteria are met, the Residence Nil Rate Band is transferable giving the second spouse a potential to claim up to 2 x £175,000 before any Inheritance Tax is payable.
This is alongside the standard Nil Rate Band of which the current rate is £325,000. The standard Nil Rate Band applies to every individual and means that Inheritance Tax is only payable on any amounts exceeding the £325,000 threshold.
Again, where assets pass between spouses on the first death, the standard Nil Rate Band is transferable giving the second spouse a potential to claim up to 2 x £325,000 before any Inheritance Tax is payable.
If planning is done correctly, a married couple with children may leave up to a maximum of £1,000,000 free of Inheritance Tax.
At Nowell Meller our specialist team can guide you through your estate planning and help you to make the right decisions. Contact us now to discuss the options available to you oby contacting Stephanie Heath on 01785 813315 or Jemma Blake on 01785 252377.