Nicola Neal of Brodies LLP has written a helpful summary of the rules regarding the new Residence Nil Rate Band (RNRB) which is available to the estates of those who died on or after 6 April 2017.
Nicola is probably over-stating things to suggest that everyone should know the details of RNRB. After all, many of us don’t have assets anywhere near the standard IHT nil rate band (NRB) of £325,000 and so our estates will not benefit from this extension to the NRB.
But, 8 out of the 10 things are certainly worth knowing for the purposes of your exam. (#5 on the list relates to trusts which we have not covered on the course and #10 “It’s not straightforward” is something you need to bear in mind if you come across this in real life but the exam will only ask you to demonstrate your understanding of the basic rules.)
Bloomsbury’s Tax Rates and Tables 2016/17, Finance Act edition has details of the RNRB in the table on page 106 and in Note (4) on page 107.