Time to consider if you need to make a new Will. From 6 April 2017 there is to be a new residence nil rate band if a person leaves their main home to their children, grandchildren or great grandchildren when they die. This will initially be an additional £100,000 in 2017 to 2018 rising to £125,000 in 2018 to 2019, £150,000 in 2019 to 200 and to £175,000 in 2020 to 2021. Thereafter it will increase in line with the Consumer Price Index from 2021 to 2022. The rate will be reduced for any main residence worth more than £2m.