Hi,
I was wandering if someone could confirm my understanding of the requirements on my grandmother's estate.
- My grandmother died recently and has left everything to be split equally between myself, sister and Dad. My dad and I are the executors.
- My grandfather died in 2000 and left everything to my grandmother.
- Estate value approx 800K with anticipated house sale of 650k.
- House value approx 550k for probate.
My understanding is that no IHT is due as we can use my grandfathers RNRB (175k) and his IHT allowance (325k) to offset IHT as he left everything to my grandmother. I have his will and probate forms. This 500K plus my grandmothers IHT allowance + RNRB takes the threshold to 1M, thus the estate is under by approx 200k.
I also understand that as of 01 Jan 2022 I no longer have to inform or complete any IHT forms. Is this correct?
Regarding CGT. I understand that as the house was valued at 550k for probate purposes and a sale looks likely at 650k, then CGT will be due on the 100k increase minus any costs. Is this correct? If I am correct, is it best to pay CGT once from the estate or have us all individually handle our own CGT?
Thanks for any help given.
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