Individuals can save up to £70,000 on inheritance tax through downsizing relief's residence nil-rate band.
Individuals can potentially save £70,000 on inheritance tax by utilizing the lesser-known downsizing relief. The residence nil-rate band (RNRB) offers an additional tax-free allowance of up to £175,000 for properties valued up to £2m, benefiting direct descendants. If a home exceeds this value, downsizing to a qualifying property allows beneficiaries to benefit from the savings.
July 13, 2024
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