Main Residence Nil Rate Band

The Main Residence Nil Rate Band ‘MRNRB’ potentially gives each individual an extra nil rate band to set against the value of their main residence. The amount if MRNRB is $175,000 from 2020-21 onwards.

As with the standard nil rate band, the MRNRB will be transferrable between spouses. The main difference will be that the MRNRB will only be available where the property is passing to direct descendants – i.e. children or grandchildren of the deceased person.

The result of this development is that, from 2020, each individual could have an available nil rate band of £500,000, which if unused could pass to a surviving spouse giving a total possible nil rate band for a married couple of £1 million.

Reliefs

Significant reliefs are available from IHT for some types of property:

  • Agricultural relief
  • Business property relief
  • Woodland and heritage assets.

These can be used as part of wider IHT planning to minimise the IHT due.

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