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Wills and executors: A matter of trust

Adam Carvalho and Richard McDermott consider recent cases involving disputes between executors and also clarify the scope of the main residence nil rate band 

19 January 2016

The Finance (No 2) Act 2015 introduced ?a new residence nil rate band (RNRB), which is due to come into effect on 6 April 2017. The rules have recently been clarified.

By way of a recap, the RNRB applies where:

  • On their death, the deceased leaves their interest in a single dwelling-house which, ?at some time, has been their residence; 

  • The interest is left to one or more of their close descendants (the children, grandchildren, or further lineal descendants of the deceased, including step-children, foster children, and adopted children, and any spouses or civil partners of the same); and

  • The estate is worth less than £2m. When the estate exceeds that sum, the RNRB will be tapered away.

?In addition, the RNRB can be claimed where property is:

  • Inherited directly, whether by will, intestacy, or through survivorship; or

  • S...

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