The new “main residence nil rate band” (MRNRB) will be introduced from April 2017 specifically to protect the family home for Inheritance Tax (IHT). This change comes following the Conservative party’s 2015 election manifesto stating it would ‘remove the family home out of tax by increasing the effective IHT threshold for married couples and civil partners’. This new modification will be in addition to an individual’s own nil-rate band, currently £325,000. This means that for married couples … [Read more...]