The Residential Nil Rate Band (RNRB), it might not be all it seems.
First, Perhaps Ony Duty
One of the first triumphs of my memory, was a saying credited to John Kennedy. Something about the first duty of government being to do for people things that they cannot do by themselves.
You know that thing, when someone says something, something that induces one to check one’s physical posture – to sit straighter. Something that’s as clear as a bell to one’s sense of reason, that is so resonant one catches one’s self saying half out loud: ‘Damn, I wish I’d said that.’
RNRB, Sans Majesty, Sans Magistracy
There is a certain club of persons skilled at misleading the populace, who act without majesty, without magistracy but with mischief. Mischief born of cynicism. Many such persons profane politics.
In 2007, the Transferable Nil Rate Band, precursor of the RNRB, like the Fixed-term Parliaments Act was no more than a dream in the imagination of a small group of those who earned their places on pub quiz teams on account of their intimate familiarity with the minutiae of legislation and electioneering.
The Fixed-term Parliaments Act of 2011 notwithstanding, calling an election was, and as we recently have witnessed, is in the gift of the Prime Minister. In 2007 there was as an expectation of an election – the opposition was gaining ground on the government. So, in a panicked ploy to bribe us with our own money, the Chancellor of the Exchequer, like a magician, manifested misdirection. The Chancellor’s attempted distraction was on a par with that of an apprentice conjurer yet to master sorcery or juju. He wasn’t even skilled at sleight of hand, therefore, the knowledgeable or the observant got to the shallow fellow’s destination before even he knew where he was headed.
The Treasury announced the sham we now know as the residential nil rate band. Its intention was to lull the unwary into leaving their assets unprotected from all manner of ill.
It created the impression among the populace that the only matter about which they should be concerned was inheritance tax, and ‘Look, we’ve abolished it. Ta-dah!’
New Boss, Same as The Old Boss
Now, this new lot in government now – they’re exerting no effort to extinguish the misapprehension under which many labour: that the inheritance tax threshold has been raised to a million pounds. It hasn’t.
This time, by inaction, they lie.
Like a rug, they lie. Always, they lie.
Because someone will pay inheritance tax on that unprotected million pounds at some point.
Just like JFK’s legacy, a few years down the line things won’t be looking quite so rosy.
To talk about protecting your family’s legacy notwithstanding the scam, the sham and the lies of transferable nil rate band (TNRB), make an appointment for a free, no obligation consultation.