The value of pensions and investments can fall as well as rise, you may get back less than you invested.
Tax treatment varies according to individual circumstance and is subject to change.
The residence nil-rate band is in addition to the standard nil-rate band, which is £325,000. The residence nil-rate band is £175,000.
When first introduced, the main aim was to ensure that after the death of the owner, a family business could survive, without having to be sold or broken up to pay an inheritance tax liability. Since then, Business Property Relief has been varied to also encourage people to invest in businesses, regardless of whether they run the business themselves.
Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who’s died.