IHT changes: Passing on the family home isn't as easy as it sounds

Inheritance tax (IHT) is now at record levels, with HM Revenue & Customs expecting to collect £4.6bn in the 12 months to March 2016 - an increase of 20% on the previous year. For many, the new main residence nil rate band (RNRB), which is intended to enable people to pass on a family home of up to £1m in value free of IHT, can't come soon enough. Representing a crucial element of the Conservative Party's election promise on taxation, the proposed RNRB has already attracted an amount of criticism, particularly due to the level of complexity.  Even before it is introduced, many are s...