Probate, Inheritance Tax and Residence Nil Rate Band

Probate, Inheritance Tax and Residence Nil Rate Band

Before submitting probate application to the probate office, Executor and personal representative of the deceased will have to complete Inheritance Tax return application forms to HMRC. When completing the Inheritance Tax Return application, you can claim relief on Residence Nil Rate Band (RNRB).

RNRB was introduced by the Chancellor on 6 April 2017, the relieve can only be claim on Residential building passed to direct descendant for death in the tax year between 2017 to 2021. The good news is unused RNRB can be transferred to surviving spouse like the Nil rate band (NRB)

The threshold is between £125,000 to £175,000 depending on the year of death. Relieve cannot be claimed on Buy to let property. RNRB is also applicable when a person downsizes a home on or after 8 July 2015, you may not be able to claim the RNRB if the deceased is not currently living at the main residence at the time of death.

If you have any concerns, or need help and advice, please contact us today via the contact page.

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