NEED TO KNOW – Changes to Inheritance Tax in April 2018
From 6 April 2018 the residential nil rate allowance increases from the current allowance of £100,000 per person to the new allowance of £125,000 per person.
The nil rate allowance that applies to everyone remains frozen at £325,000 per person. This nil rate allowance applies to all property (e.g. cash, cars, jewellery, houses).
As a result, married and civil partners who have the benefit of acquiring their deceased spouse’s inheritance tax allowance, have the potential to pass on up to £900,000 without having to pay inheritance tax.
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