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Where Taxpayers and Advisers Meet

Residence Nil Rate Band query

brb679
Posts:1
Joined:Thu Mar 10, 2022 1:31 pm
Residence Nil Rate Band query

Postby brb679 » Thu Mar 10, 2022 1:57 pm

I already owned the home (outright, no mortgage), we now live in before marrying my current partner 25 years ago and it is still soley in my name.

We are both on our second marriage with children from the first, so have decided to write our wills each leaving everything in trust to our children equally, either surving partner will be well enough provided for by pension income. Both our previous partners have also remarried. The house would currently be worth £400,000 and our combined assets, savings and investments ISAs etc (no other proerties), would be around £500,000, split about 70/30 to me.

The question is whether from an inheritance tax purpose we should keep the house soley in my name or ad my wife (gift her half) to the land registry title as joint tennant. We are both in our late sixties. I'm thinking about the £175,000 RNRB and how it applies to the home being in just one name versus joint tennancy, does it make any difference?

It seems to me it may be a simple question, but what would the advice be please?

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