HMRC have now published some welcome guidance on the new inheritance tax allowance (the residence nil rate band or RNRB for short) where property is passed on to children or grandchildren (direct descendants) applying to deaths from April 2017. This is the allowance highly publicised in the press as granting a £1 million allowance on inheritance tax. In reality it does mean that by 2021 when it is fully phased in a couple could jointly potentially have a total nil rate band of £1 million where they meet the criteria. This would however depend on obtaining professional advice in particular on the structuring of their wills.