Last April saw the introduction of new rules which allow you to pass on more of your estate free of inheritance tax (IHT) when you die, but only to your direct descendants.

The current threshold at which your estate becomes potentially liable for IHT at 40% is £325,000.

Since April 6 this year, the start of the 2017/18 tax year, you are now entitled to an additional £100,000 tax-free ‘family home allowance’ which can be used against the value of your property if you leave it to your children or grandchildren.

You won’t qualify for the increased nil-rate IHT band if you’ve assigned your sibling or any other relation to inherit your family home, as the rules only apply to your direct descendants.

Read full article here.



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