With interest rates low and house prices steadily rising, investing in property is often thought of as the ideal money making opportunity – and an easy, safe bet. It is no wonder then that if you have a little bit of money to invest you are lured by the thought of a regular income, or a boosted retirement pot. However, many do not consider, or are not aware of, all the tax implications they face.
The Main Residence Allowance has been talked about for a while now, but it is only from April 2017 that it is now available. This new tax allowance comes in the form of a separate nil-rate band relating to the value of the family home, or main residence. It effectively means that the value of your estate that is taxable under Inheritance Tax (IHT) will reduce.
