# Finance Act 2016, Paragraph 3


(1) Section 8E (residence nil-rate amount: interest in home goes to descendants etc) is amended as follows.
(2) In subsection (6), after “(7)” insert “ and sections 8FC and 8M(2B) to (2E) ”.
(3) In subsection (7), for paragraphs (a) and (b) substitute—
“(a) the person's residence nil-rate amount is equal to VT,
(b) where E is less than or equal to TT, an amount, equal to the difference between VT and the person's default allowance, is available for carry-forward, and
(c) where E is greater than TT, an amount, equal to the difference between VT and the person's adjusted allowance, is available for carry-forward.”
(4) In subsection (8)—
(a) before the entry for section 8H insert— “ section 8FC (modifications of this section where there is entitlement to a downsizing addition), ”, and
(b) in the entry for section 8H, after “ “qualifying residential interest”” insert “, “ qualifying former residential interest ” and “residential property interest” ”.

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Source: https://www.legislation.gov.uk/ukpga/2016/24/schedule/15/paragraph/3 (the official version)
Page: https://openlegislation.uk/finance-act-2016/schedule-15/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.