RNRB

Question 1

How long with the NRB remain at £325,000?

Answer 1

Until 2020/21

Question 2

How will the RNRB increase after 2020/21?

Answer 2

Increase in line with CPI

Question 3

For the RNRB to apply what must happen?

Answer 3

Main Residence must be left to;
Children or Grandchildren
Or
Spouse of Children or Grandchildren

Step children
Adopted
Foster children

Question 4

What happens if there is more than one property in the estate

Answer 4

Executors have discretion over which property it applies to.
A buy to let will not qualify

Question 5

How is the transferable RNRB acquired

Answer 5

It must be claimed for by the Personal representative on second death

Question 6

How is the RNRB kept after downsizing?

Answer 6

Must be left to descendants

Only applies where the sale (downsizing) occurred on or after 8th July 2015
Important to keep a record of subsequent use of the funds

Question 7

How does tapering work?

Answer 7

Where an estate is valued at over £2m
Single person - lost if over £2,350,000 by 20/21

Married couples £2,700,000

Where proceeds go to a care home or Discretionary Trust they cannot be included