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New main residence allowance

New main residence allowance

From April 2017, there will be a new main residence transferable nil-rate band, which will apply when a main residence is passed on to a direct descendant.

A direct descendent broadly means a child or grandchild and includes adopted children, foster children and stepchildren. The nil rate band, also known as the inheritance tax threshold is the value of an estate that is not subject to inheritance tax in the UK.

Overview

In the 2015 Summer Budget, the Chancellor introduced this new transferable main residence allowance, which will gradually increase from £100,000 in April 2017 to £175,000 per person by 2020-2021. Any unused nil-rate band can be transferred to a spouse or civil partner.

Who will be affected?

Those likely to be affected, who would otherwise have to pay an inheritance tax, are individuals with an estate that includes their home and is worth more than the current inheritance tax threshold (or nil rate band) of £325,000. Any part of the estate that exceeds this threshold is chargeable at 40%.

There has been some confusion surrounding who benefits from the allowance. The interest in the house must be “closely inherited” which means that it must be inherited by lineal descendants. If your Will does not pass your main residence on to your children in the correct way or you are in a childless family then your estate will not be entitled to the extra allowance.

This measure aims to reduce the burden of inheritance tax for families, enabling them to pass on more valuable family homes to direct descendants without being taxed. It is very likely to get a warm welcome by many families.

If you think you may be affected by the new main residence allowance or would like further information or advice, please contact one of our solicitors on 01283 526200.

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kind help while I am leaving in USA.

Kathryn is one of the shining examples of professionalism, caring and knowledgeable person. She listened, advised and kept me informed throughout the process dealing with my father’s estate. I am very pleased with the quality, responsiveness and extensive legal expertise of Kathryn.

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Mr Terry Wills & Probate Client

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Construction Client Construction - Retention Monies

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Angelica Duncan Director - Chameleon School of Construction

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Debt Recovery Client

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Chris and his team,have been professional and supportive throughout and where needed have been prompt in their responses, often at late notice.
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I'm looking forward to them being able to help with the next step of sorting our Shareholder agreements!``

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We would not hesitate to use their services again.``

Ian Hardie Sales Director at Smart Directions Limited.

``Laura and the team have become an excellent asset to our finance department over the last year. They have helped us recover debts in full from 2 particularly difficult payers that we had no hope of recovering ourselves! They make the process simple and easy to follow, and always have a quick, helpful reply when we need something clarified. I would recommend Else Law to anyone who needs additional help with pursuing uncooperative customers because so far they have a 100% success rate with us!``

Debt Recovery Client

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We would highly recommend any business based outside of the UK, who has a troublesome UK client, to consider using Else Solicitors (Laura!) to resolve their issue quickly and efficiently.”

John Morgan, Director of Forensic Instinct

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Debt Recovery Client

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Else offer an outstanding service which we have used for over 5 years. We would thoroughly recommend their service without hesitation.``

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