Stephanie Mooney talks about changes to the residence nil rate band as part of the LexisNexis private client hot topics series.

The residence nil rate band is an inheritance tax allowance applying in addition to the ordinary nil rate band which is currently fixed at £325,000. It applies when an individual leaves a qualifying residence or qualifying residential interest to direct descendants, and is being phased in over the next four years.

During the interview, Stephanie answers questions including what is a qualifying residence, what are direct descendants, how is the residence nil rate band capped, and will the residence nil rate band apply if a property is left in a trust?

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