Q&As

Will the RNRB be available where the occupier of the property had a lease for life?

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Produced in partnership with Chris Bryden of 4 King’s Bench Walk
Published on LexisPSL on 24/08/2016

The following Private Client Q&A Produced in partnership with Chris Bryden of 4 King’s Bench Walk provides comprehensive and up to date legal information covering:

  • Will the RNRB be available where the occupier of the property had a lease for life?

The government announced in the April 2015 budget that it would bring in, with effect from 6 April 2017, a Residential Nil Rate Band (RNRB) for the purposes of inheritance tax. The RNRB will progressively increase to 2021 and thereafter will increase by the Consumer Price Index (CPI). The purpose of the RNRB is stated to be to enable parents to pass on to their children the family home and is therefore an additional allowance to the £325,000 nil rate band specific to that class of asset.

In order for the RNRB to apply, there must be a qualifying residential property within the estate. In broad terms, this is a residential property in which the deceased has lived at some point in their lives, th

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