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Making use of the transferable residence nil rate band

January 28, 2021 by Sian Kelly

There are two nil rates bands for inheritance tax – the nil rate band of £325,000 and the Residence Nil Rate Band, set at £175,000 for 2020/21. Together, it is possible for spouses and civil partners to leave a joint estate worth £1 million (2020/21 figures) free of inheritance tax. However, this depends on the ability to fully utilise the RNRB.