Long Term Care & Residence Nil-Rate Band Seminar
Crown Wealth Management held a seminar at Shrewsbury Town Football Club on the 6th September as part of their Professional updates programme for professional connections. The event was well attended with 27 Solicitors and 3 Accountants. The session lasted 90 minutes and looked at the new ‘Residence Nil-Rate Band’ and an update on the Long Term Care market. Brian Benson, Managing Director of Crown Wealth Management said: “it was great to have such a well-attended event, the feedback has been excellent and the event shows how serious we are in supporting professional connections from within and around Shrewsbury”.
When the Chancellor announced his vision of married couples or those in Civil Partnerships being able to leave up to £1m inheritance tax free, he could have just increased the current Nil Rate Band. Instead, he introduced an additional Residence Nil Rate Band giving individuals £175,000 to help pass qualifying residential interest in property to direct descendants. The new rules can be complex especially for those who downsize to a smaller home or sell their home to live with relatives or go into Residential Care, so part of today’s seminar was about explaining the changes and how Solicitors can to help clients make the use of the new allowance”.
For more information on our long term care services please click the attached link.