Weekly Question - Property & Inheritance Tax
Written on 16/07/2019

Which of the following regarding the Residential Nil Rate Band (RNRB) for property is INCORRECT?

A: You can benefit if you have "downsized" and gone into residential care

B: For estates valued above £1 million the allowances reduces by £1 for every £2 of estate over this threshold

C: You can only pass the property to a "direct descendent" to qualify

D: The RNRB is used before the Standard Nil Rate Band against the property

Answer is B

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