Inheritance Tax: The residence nil rate band explained (2022)

The nil rate band is the threshold above which Inheritance Tax is payable. It is currently £325,000 per person and will remain fixed at this amount until 2026.

In 2017 the residence nil rate band was introduced as an additional amount that could be passed on tax-free against the value of your family home. It applies to your main residence, not to any other properties you may own. It is currently £175,000. This can save you tens of thousands of pounds worth of tax, but the rules aren’t that simple.

How to calculate your residence nil rate band – Government website: https://www.gov.uk/guidance/inheritan...

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Other videos you might be interested in:

1. What is Inheritance Tax and how much is it? –    • What is Inheritance Tax and how much ...  

2. How the Residence Nil Rate Band tapers for estates over £2m –    • How the Residence Nil Rate Band taper...  

3. PETS 7 year rule and taper relief –    • Potentially exempt transfers (PETs), ...  

4. Which gifts are exempt from inheritance tax? –    • Which gifts are free from inheritance...  

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