Part 2: Inheritance Tax Section 9: Increased nil-rate band on death where home inherited by descendants etc. Background note
The Summer Budget 2015 announced that the burden of inheritance tax would be reduced for most families by making it easier to pass on the family home to direct descendants without a tax charge. This section implements the announcement made by the Chancellor of the Exchequer in his statement on 8 July 2015.
	Legislation will also be included in Finance Bill 2016 to extend the benefit of the residence nil-rate band where the deceased downsized to a less valuable residence or ceased to own a residence on or after 8 July 2015.