SCHEDULES
SCHEDULE 15Inheritance tax: increased nil-rate band
3
1
Section 8E (residence nil-rate amount: interest in home goes to descendants etc) is amended as follows.
2
In subsection (6), after “(7)” insert “
and sections 8FC and 8M(2B) to (2E)
”
.
3
In subsection (7), for paragraphs (a) and (b) substitute—
a
the person's residence nil-rate amount is equal to VT,
b
where E is less than or equal to TT, an amount, equal to the difference between VT and the person's default allowance, is available for carry-forward, and
c
where E is greater than TT, an amount, equal to the difference between VT and the person's adjusted allowance, is available for carry-forward.
4
In subsection (8)—
a
before the entry for section 8H insert— “
section 8FC (modifications of this section where there is entitlement to a downsizing addition),
”
, and
b
in the entry for section 8H, after “ “qualifying residential interest”” insert “, “
qualifying former residential interest
”
and “residential property interest” ”.