Residence Nil Rate Band - Many won't get new inheritance tax allowance7th March 2017

Many people will not benefit from a new inheritance tax allowance that is available from April 6th 2017, says the Mail.

The Residence Nil Rate Band is an extra allowance, starting at £100,000 per person this year, which can reduce the amount of an estate that is subject to inheritance tax at 40 per cent. But you have to leave a property in your will, and must leave it to children or grandchildren.

Childless couples don't get the allowance, which will rise to £175,000 by 2020, and a wrongly-drafted Will could also mean you lose the allowance even if you do leave your home to your children.