IHT changes too complex
Posted on 30 Sep 2013
Even HMRC doesn’t understand Osborne’s IHT changes
The Telegraph’s Richard Dyson reports on the difficulties people are having understanding George Osborne’s IHT changes which will allow a couple to pass £1m worth of their family home to their descendants by 2020-21. The residence nil rate band (RNRB) includes a downsizing rule where those who sell expensive family homes and move somewhere cheaper or into care are allowed to crystallise part of their inheritance tax exemption and carry it forward, applying it to other assets. The complexity of this rule means even HMRC resists providing guidance on it, suggesting people seek financial advice, says Dyson.
Source: The Daily Telegraph (07/10/2017)
