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Downsizing and the residence nil-rate band

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Published on: 07 October 2015

Published by a LexisNexis Private Client expert

Table of contents

Original news
What is the government proposing and what is this intended to achieve?
Do you think the proposals are sufficiently clear? Are there any grey areas? Is there anything that should be brought to the government’s attention at this point?
Will these proposals be likely to be successful in achieving their aim? Could there be any unintended consequences?
What does this mean in practice for those that have considered downsizing or selling their home?
What should tax lawyers advise their clients? What should they take note of?
What are the trends in this area? Do you have any predictions for the future?

Article summary

Private Client analysis: In the Summer Budget 2015, the government announced its plans to phase in a new residence nil-rate band from 6 April 2017 when a residence is passed on death to a direct descendant. Judith Cuxson, partner, and Angharad Lynn, associate, at Veale Wasbrough Vizards LLP, examine the proposals in more detail and whether there are any shortcomings or areas for concern.

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