The following Private Client Q&A provides comprehensive and up to date legal information covering:
For general information on the residence nil rate band (RNRB), see Practice Note: IHT—residence nil rate band.
The RNRB is available to be set against a deceased individual’s whole estate up to the value of a qualifying residential property interest (QRI) passing to qualifying beneficiaries. The RNRB is only available where a QRI is ‘closely inherited’ on the deceased’s death, meaning that it passes to defined lineal descendants.
The availability of the RNRB will depend on the precise wording in the Will as this will affect the calculation of the amount passing into the nil rate band discretionary trust (NRBDT), including whether or not there is a transferable nil rate band (NRB) being claimed which might increase the amount passing into the NRBDT. It will also depend on whether or not there is a transferable RNRB which the personal representatives (PRs) would also like to claim, the value of the QRI itself (ie whether it exceeds the RNRB and transferable RNRB, if claimed) and value of the whole estate.
Subject to those points, the
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