When is a £1m nil rate band, not a £1m nil rate band?

For many years now the number of estates paying inheritance tax (IHT) has been steadily rising, culminating in the highest-ever annual and monthly IHT receipts of £3.8bn in 2014/15 and £427m in June 2015. And with the number of estates forecast to pay IHT set to increase to one in ten by 2020/21, the government has been promising to do something for a while (more than five years in fact). As widely anticipated in the media, George Osborne announced in his Summer Budget speech that he would fulfil his longstanding promise to remove the family home out of IHT for all but the wealthiest....