Residence Nil-Rate Band Explained

<pWhen planning for the future and considering how your estate will pass to your loved ones, understanding Inheritance Tax IHT is crucial. While many are aware of the standard Nil-Rate Band NRB, the Residence Nil-Rate Band RNRB is a more recent addition that can significantly reduce the IHT liability on your home. This allowance, often referred to as the 'main residence allowance' or 'home inheritance tax allowance', is designed to make it easier to pass on the family home to direct descendants ...