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The residence nil rate band is an allowance for passing on the family home without paying Inheritance Tax. The allowance was introduced in April 2017. The rules can be complicated and there are limits to how you can pass on the home, including using certain types of trust. This means many people may need to review their Wills or speak to a financial planner for advice.
In this guide:
- How much is the residence nil rate band?
- What are the Inheritance Tax rules for the family home?
- Which properties are covered and how can you pass on your home?