Skip to main content
Home / News and Insights / Press / Changes to UK inheritance tax and the Residence Nil Rate Band headache
Bircham Dyson Bell (BDB) LLP and Pitmans LLP merged on 1 December 2018 to become BDB Pitmans LLP. More details can be found here
03 July 2019

Changes to UK inheritance tax and the Residence Nil Rate Band headache

The rules governing UK inheritance taxes (IHT) are known to be complex with recent changes including the Residence Nil Rate Band (RNRB) being introduced which has been described as a trap for the unwary.

The history of the RNRB dates back to the Conservative Party’s 2007 statement. At the time, George Osborne (later becoming finance minister) promised to increase the nil rate band (NRB) from £325,000 ($416,022) to £1 million, however eventually in reality, a set of complex rules (the RNRB) was later introduced. The scope of the RNRB is limited, however it is important for clients to review their wills in light of the new rules as it can result in a valuable tax saving if the conditions are satisfied.

Danjuma Mshelia, associate in our private wealth team, discusses these conditions and examines the recent IHT changes in an article published by Wealth Briefing (please note that the article is behind a paywall).

Related Articles

London and Cambridge Offices

London Westminster
50 Broadway, London
SW1H 0BL

Cambridge
51 Hills Road, Cambridge
CB2 1NT

Reading and Southampton Offices

Reading, The Anchorage
34 Bridge Street Berkshire
Reading RG1 2LU

Southampton
Grosvenor House, Grosvenor Square
Southampton SO15 2BE

Follow us

  • Pay my invoice
  • Lexcel
  • CYBER ESSENTIALS PLUS

© BDB Pitmans 2019. 50 Broadway, London, SW1H 0BL - T +44 (0)345 222 9222