Oliver's Wills Ltd - professional will writers
0800 3 345 245
  • Home
    • Privacy Policy
  • Our process
    • Preparing a will
    • Why wills fail
    • Will writer
  • Important will facts
    • Why have a will?
    • Inheritance tax
    • Insurance + trusts
    • Probate
    • Last Will
  • Power of Attorney
    • Power of Attorney - fee exemption rules
  • Oliver's blog
  • Contact us
    • Links
  • Downloads

A quick review of the new 2017 inheritance tax allowance

11/1/2018

0 Comments

 
One of the biggest changes in 2017 to the Will industry, was the introduction of a new inheritance tax allowance, called the Residence Nil Rate Band (RNRB). This allows individuals with children (which includes step-children) to gift an additional £100,000 on top of their £325,000 allowance, from April 2017. For example, if you had died in May 2017, you could potentially give £425,000 tax free so long as you were also giving equity in property, that you have lived in, to your children. The £100,000 will rise each year and so in April 2020 the allowance will be £175,000 per person.

Although this sounds fairly straightforward, it can cause issues! For example, you may want to give your spouse everything on first death, but if on second death the value of the whole estate is over £2m, then you may not be able to benefit from this new allowance at all, depending on how far over £2m you are (£2,250,000 for example, means you have no allowance left - so the most you can leave tax free to anyone other than your spouse will be £325,000).

We have spent many hours at Oliver's Wills, attending seminars and listening to industry commentators about this new allowance, and while it is a good thing if you have an estate over £325,000, and have residential property, and have children etc., everyone should get advice about how to plan for this allowance and whether your Will should be amended or left as it is.
0 Comments

    About Oliver!

    Oliver has a mixed background in law and financial services, and he is focussed on providing will writing and other will services to our clients. The business expanded from a small regional business into a business with national coverage via video and with local consultants where possible.

    Oliver has a law degree, which included a specialist subject of wills and probate law, and passed the Legal Practice Course (LPC), which is the last step before training as a solicitor. We love the cost effective service we give though, and the high quality service we always aim to give.

    Archives

    May 2020
    January 2018
    September 2015
    September 2012
    May 2012
    April 2012
    February 2012
    November 2011
    October 2011
    March 2011
    February 2011
    October 2010

    Categories

    All
    Bank Charges
    Children
    Data
    Digital
    Diy
    Diy Will
    Indemnity Insurance
    Information
    Lasting Power Of Attorney
    Lpa
    Nursing Home Fees
    Probate
    Regulation
    Solicitors
    Twitter
    Uk Deaths
    Why
    Will

    RSS Feed

We are committed to your safety, and to help you arrange a Will or lasting power of attorney without needing a personal face to face appointment, we can also offer Skype, Zoom, FaceTime, Messenger or many other types of video calls.
​
Call us or use our contact us page for more details.

Picture
Call us on 0800 3 345 245 for more information!
Calls to 0800 numbers are part of your inclusive minutes for mobile phones so should be at no cost.
Oliver's Wills Ltd are Members of the Institute of Professional Willwriters No. 2154
Privacy Policy
​