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At Summer Budget 2015, the government announced the introduction of a \u2018residence nil rate band\u2019 for inheritance tax when a home is passed on death to a direct descendent. It will start at £100,000 in 2017-18, increasing in £25,000 increments to £175,000 in 2020-21. This, in addition to the existing nil rate band of £325,000, will increase the inheritance tax free threshold to £500,000 for many individuals, and up to £1 million for many married couples and civil partners by 2020-21.<\/p>
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The latest estimates of the cost to the exchequer of introducing the residence nil rate band from 2017-18 to 2021-22 are published in Table 2.2 of the Spring Budget 2017 official publication at:<\/p>