Residence Nil Rate Band - Does your family qualify?

In the 2015 Summer Budget, the previous Chancellor of the Exchequer, George Osborne, announced the introduction of a new extension to the Inheritance Tax nil rate band for residences, with effect from April 2017. You could save your family as much £140,000 in Inheritance Tax when the family home passes to direct decedents on death. The Residence Nil Rate Band is in addition to an individual's existing nil rate band of £325,000, and conditional on a residence being passed down to direct descendants (e.g. children, grandchildren). This may adversely affect those families who had planned to leave their property to a trust on death for the benefit of their descendants. By 2020/21 families could

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