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The family home allowance

The family home allowance
Not everyone’s a winner with the recently-introduced residence nil-rate band. Rising property prices have left more families being elevated to millionaire status and dealing with the inheritance tax (IHT) implications that come with it. The Treasury collected £4.6 billion from IHT in 2015/16, compared to £2.69 billion in 2010/11, to relect a rising year-on-year trend. And that shows no signs of slowing down any time soon. In attempt to ease the growing burden on families by making it easier to pass on the
family home to direct descendants without incurring a tax charge, former chancellor George Osborne revealed plans to introduce the residence nil-rate band in his Summer Budget 2015. The family home allowance, as it’s also known, came into force in April 2017 – but the rules are far from straightforward.

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