Big news for 2017 is the fact that The Finance Act 2017 will come into force in April.
One aspect of this act will give everyone an increase in inheritance tax allowances if you have a residential property that has been lived in by the deceased.
It is important to stress that the allowances do not come into play if the family have sold your home while you are in care home and they have bought another.
If the deceased’s home is still owned then you will be eligible for an uplift in the IHT allowance if this is passing to direct lineal descendants.
If people have old wills with a Nil Rate Band discretionary trust in them they will not be eligible for the uplift.
Yet another reason to get old wills reviewed in particular those written prior to the end of 2007.