The 2015 Summer Finance Bill - Inheritance tax

  • Main residence nil-rate band: introduced in stages from 6 April 2017 for a deceased’s interest in residential property which has been their main residence at some point and is included in their estate, when it is left to one or more direct descendants. Rising to £175,000 in 2020/21; transferable to a surviving spouse.
  • Nil-rate band: currently £325,000 and will remain frozen until April 2021.
  • Trusts: new rules to target avoidance through the use of multiple trusts, and simplification of the calculation of trust charges.
  • Changes to support the new digital service: minor changes to deal with interest on outstanding amounts, to support the introduction of the new inheritance tax digital service announced in Autumn Statement 2013.

Related links

Personal tax
Venture capital schemes
Business tax
Administration and enforcement
Other taxes

Leave a comment

 Security code