Niamh Minihane, Partner in our Inheritance Protection team’s comments were quoted prominently in the Metro newspaper discussing inheritance rights and the basics of the Residence Nil Rate Band.
Niamh says: ‘With the Residence Nil Rate Band, each individual has an allowance regarding inheritance tax and it’s called a Nil Rate Band.
‘Currently, the value is £325,000 – but if you have a property or if you’ve owned a property, and in your will you leave your estate to your direct descendant, then you may claim an additional threshold before inheritance tax of £175,000, bringing the total allowance to £500,000.
‘This is known as the Residence Nil Rate Band. You do need to meet other certain criteria to claim this extra allowance.
‘However, the Residence Nil Rate Band – although includes step-children or foster children – it excludes people who haven’t got children but want to leave it to nieces and nephews or persons who they view as a child.’
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