Submitted by Jade Gani on Thursday 11th June 2020
Published on Wednesday 29th July 2020
Current status: Closed
Closed: Friday 29th January 2021
Signatures: 364
Make nieces and nephews "closely inherited" for RNRB purposes
Add an additional clause to Inheritance Tax Act 1984 Part 1 section 8K which allows for a person’s nieces or nephews (by blood or marriage) to be counted as closely inherited for the purposes of the Residence Nil Rate Band Allowance.
Millions of people in the UK do not have children, and many will pay higher taxes on their estates because no-one qualifies for the RNRB allowance. Many individuals consider nieces & nephews as their own and wish to pass assets down to them. The Government should change eligibility for this allowance so this is possible without inheritance tax being incurred.
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13.59.45.228 Sun, 17 Nov 2024 08:49:27 +0000
