This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

IHT Exemption

prudance
Posts:4
Joined:Sat Aug 10, 2013 3:52 pm
IHT Exemption

Postby prudance » Thu Jul 16, 2020 12:25 pm

Our father recently died and he left his entire estate to our mother. As a result his £325,000 IHT exemption was not used

Our mothers will leaves her entire estate to my sister and I

We have been informed that on our mothers demise we will be entitled to claim her own IHT exemption of £325 000, plus the unused £325,000 IHT exemption from our father’s estate, for a total exemption on our mother’s estate of £650,000

Is this entitlement of a double exemption of £650,000 on our mothers estate in fact correct

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: IHT Exemption

Postby pawncob » Sat Jul 18, 2020 5:54 pm

Yes, and if she wills you the property, there may be a further exemption available.
https://www.gov.uk/government/publications/inheritance-tax-main-residence-nil-rate-band-and-the-existing-nil-rate-band/inheritance-tax-main-residence-nil-rate-band-and-the-existing-nil-rate-band
With a pinch of salt take what I say, but don't exceed your RDA


Return to “Inheritance Tax, IHT, Trusts & Estates, Capital Taxes”