Wills in Silver End and throughout the UK are considered to be subject to the new family home inheritance tax allowance which has been recognised as serving to favour married couples and civil partners.
From April 2017 the UK Government is introducing the new, additional tax-free allowance for people who own a home. It will be introduced gradually over four years, with the allowance worth £100,000 in 2017-18, £125,000 in 2018-19, £150,000 in 2019-20 and £175,000 in 2020-21. Therefore, when added to the £325,000 allowance everyone gets as of right with regard to the distribution of your estate, this effectively means individual property owners will have a new IHT allowance of £500,000 by the financial year 2020-21.
However, unmarried couples, even those in a long-term relationship, will not be able to transfer their allowance to each other and so single parents will only be able to access a maximum additional allowance of £175,000.
On this basis, our client was only able to utilise their own individual allowance as long as they did not die before April 2017 and left the home to their children or grandchildren. In addition, our client’s estate was able to claim their individual family home allowance at the rate available at the time of their death up to the value of their share in the property.
Contact Andrew Douglas Wills and Legal Services today via www.andrewdouglaswills.co.uk to see how we could help you to get your affairs in order to protect both yours and your loved ones best interests and with regard to whether they could access their family home inheritance tax allowance under wills in Silver End and throughout Essex.
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