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News and Developments

Holiday Homes and Inheritance Tax

Currently every individual has an Inheritance Tax (IHT) allowance of £325,000. In April 2017 an additional Residential Nil Rate Band (RNRB) came into effect to give an additional £175,000 per person by the 2020/21 tax year.

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It was the fight between whether the Church or the Crown got most of our money on death which led to the Statute of Uses in 1535. For hundreds of years death operated as the Revenue’s last chance to tax. For decades this operated through a “death duty” which applied to assets including the house owned before death. Sometimes forcing a sale of the big house (as in “To The Manor Born”) to pay death duties but the tax also affected the most modest homes making the gift to the next generation proportionally as hard.

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