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Where Taxpayers and Advisers Meet

IHT

congokeith
Posts:2
Joined:Wed May 25, 2016 9:19 am
IHT

Postby congokeith » Mon Jun 06, 2022 4:49 pm

We are a Couple in their 70s have a house value 500000K and investments 500000K total estate 1,000000
how much can be left to the kids including the house on death of the last person

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

Re: IHT

Postby pawncob » Mon Jun 06, 2022 7:47 pm

As much as you like, but it'll be subject to IHT after lifetime allowances etc.
With a pinch of salt take what I say, but don't exceed your RDA

congokeith
Posts:2
Joined:Wed May 25, 2016 9:19 am

Re: IHT

Postby congokeith » Wed Jun 08, 2022 10:03 am

Sorry I didn't make my question clear how much is the IHT on an estate of 1,000 000 on the death of the last using all allowances

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: IHT

Postby AGoodman » Wed Jun 08, 2022 12:23 pm

On the assumption there were no prior gifts to be taken into account, there would be 2xnil rate bands of £325k and 2x RNRB of £175k therefore total nil rate bands of £1m and no IHT to pay.

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: IHT

Postby maths » Fri Jun 10, 2022 3:34 pm

For the married couple who basically have not made any significant lifetime gifts and whose aggregate estate equals £1million or less (as in your case) then if on the first death everything is left to the surviving spouse and then on whose death everything is then left to the children as AG above states no IHT is payable.


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