Stand-out Q – RNRB

by

THU, 06 APR 2017

Our Technical Hub provides access to a wide range of pension tax and trust technical resources. Every now and then we post tweets covering stand out questions from our technical content and our answers in case others might also find them helpful. As Twitter’s character restrictions only allow for the bare bones of the Q&A we link to the details here, too.

Question:
Will my client’s buy-to-let property qualify for the new Residence Nil Rate Band (RNRB) after they die?

Answer:
To qualify for the RNRB the deceased must have an interest in a property which was their residence at some point in time. So as long as it had been their residence at some time in the past it will qualify for RNRB but buy-to-let properties which have never been lived in by the deceased will not qualify.

Where an individual owns more than one residential property on their death, their personal representatives can elect which property qualifies for RNRB. It will only be possible to make the election where the property has been the deceased’s residence at some point.

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