Budget 2021 - Changes to Inheritance Tax
Posted on 29th April 2021 at 12:36
With the Chancellor announcing in the budget this year that the inheritance tax thresholds will be frozen at the existing levels until April 2026, have you made the most of your tax free allowances?
The residence nil rate band (RNRB) was due to start increasing in line with inflation from the beginning of this tax year, it will however now remain frozen at £175,000 per person, until April 2026
The nil rate band has been frozen at its current value of £325,000 per person (since April 2009)
This potentially means a single person can pass on £500,000 or a married couple / civil partners up to £1,000,000 which will be free of inheritance tax.
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Tagged as: estate planning, Inheritance tax, Nil Rate Band, NRB, Residence Nil Rate Band, retirement planning, RNRB
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