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The Residence Nil-Rate Band (RNRB) is an additional Inheritance Tax threshold available when a main residence is left to direct descendants. It applies on top of the standard nil-rate band and can also be transferred between spouses or civil partners.
Legal Reference:
- Introduced by the Finance Act 2015 and applied through amendments to the Inheritance Tax Act 1984.
- The RNRB currently provides up to £175,000 in additional tax-free allowance if eligibility criteria are met, including ownership of a qualifying residence and a direct lineal descendant as beneficiary.
Sources:
- Wikipedia – https://en.wikipedia.org/wiki/Nil_rate_band
- Wikidata – https://www.wikidata.org/wiki/Q7036811
- Gov.uk – https://www.gov.uk/guidance/inheritance-tax-residence-nil-rate-band
- Knowledge Graph – https://www.google.com/search?kgmid=/m/03yn93c
- DBpedia – http://dbpedia.org/resource/Nil_rate_band
- Product Ontology – http://www.productontology.org/id/Nil_rate_band
