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    The new residence nil-rate band explained

    Published 26 July 2017


    The residence nil rate band (RNRB) arose from the Conservative Party’s 2007 statement of their wish to increase the inheritance tax nil rate band to £1m.

    The RNRB is available for deaths on or after 6 April 2017, where the deceased owned a home, or share of a home, which is inherited by their direct descendants.

    It will be phased in, starting at £100,000 for tax year 2017-18 and rising by £25,000 per year until it reaches £175,000 on 6 April 2020.