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The residence nil rate band (RNRB) is in addition to the basic nil rate band (NRB), which further reduces the inheritance tax (IHT) payable on death. It is applied to the taxable value of the estate, but differs from the basic NRB in that it is restricted to:
the value of a residential property interest
the estate on death, and
the inheritance of lineal descendants
The transferable RNRB (or brought forward allowance) is the proportion of unused RNRB which has been transferred from one or more predeceased spouses or civil partners (up to 100% of a full RNRB). The transferable RNRB applies where a person who dies on or after 6 April 2017 has survived at any time, one or more spouses or civil partners. It is based on the unused proportion of the RNRB at the time of the first death, calculated as set out in Practice Note: IHT—residence nil rate band.
Subject to certain conditions, the RNRB (including any transferable RNRB) is available to be set against the deceased’s whole estate up to the value of a qualifying residential property interest (QRI) passing to qualifying beneficiaries (ie closely inherited). It
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