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Where Taxpayers and Advisers Meet

NRB,RNRB and PET’s

Jason123456
Posts:74
Joined:Wed Oct 11, 2017 1:53 pm
NRB,RNRB and PET’s

Postby Jason123456 » Sun Mar 28, 2021 4:48 pm

Husbands assets = Investments £350k,+ Residential Property = £400k/2 (T-in-C) = £200k
Spouse assets = Ditto

Husband makes gift of £50k to son and dies 2yrs after gift made.
Spouse inherits deceased estate of £550k-£50k = £500k.....

Spouse dies 1yr. after receiving above inheritance of £500k...,
leaving estate valued at £550+ £500k = £1050k to son

Question 1.) In the above circumstances am I correct in thinking that the IHT Allowance that will be applied to this inheritance will be £1000k-£50k = £950k,...therefore IHT will be applied to £1050k-£950k =£100k at 40% = £40k

Question 2.) if my thinking on Qu.1) is correct,Is the £40k of IHT to be paid by the Estate or by the Benificiary (the son)?

Jason123456
Posts:74
Joined:Wed Oct 11, 2017 1:53 pm

Re: NRB,RNRB and PET’s

Postby Jason123456 » Sun Mar 28, 2021 4:52 pm

Sorry wrong Board Index selection....my mistake!...apologies..


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