You may have heard about this new RNRB inheritance tax relief which is linked to gifting your house via your Will to your lineal descendants on death.  The rules are complex.

Don’t lose out on the relief…some tips to help:-

• If your estate is over £325K (or £650 for spouses/civil partners) then you should review your Will. Wills need to be worded correctly to get the relief and if your Will is old it is likely to need re-wording.
• If your estate needs the extra relief (ie its worth the figures mentioned above), and you have a mortgage on your house, consider mortgaging something else as you only get the relief on the value of the house or equity in the house if lower than the set relief figure.  For example keep our own home mortgage free and mortgage your buy to let properties or see if you can have unsecured loans etc.
• If you sell your house on or after 8^th July 2015 and buy a smaller house or do not even buy another house; you may be able to still get the extra RNRB on the sale proceeds under the downsizing rules.  It is imperative that you keep your sale paperwork and a track of the sale proceeds etc so as to trace the money back to the sale.

If you need any help with regard to the new rules or new Wills then please contact us at mosshaselhurst, Solicitors, Northwich, Telephone 01606 74301.