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Where Taxpayers and Advisers Meet

total IHT allowance

rmim
Posts:37
Joined:Sun Mar 13, 2016 5:15 pm
total IHT allowance

Postby rmim » Thu Oct 12, 2023 7:32 pm

HI All,

I'm a little confused because spouse 1 passed away when the RNBR was 150k (4.March.2020) and spouse 2 passed away when the RNBR was 175k (7.October.2023)

I think I have read that spouse 1 RNBR will be raised to that of spouse 2. Is that correct?

Assets:
1. Family house £550,000
2. Second house £550,000
3. money in bank £100,000
(minus debts)

child will inherit. (None of the NBR or RNBR was used before as everything went to spouse 2)

Am I correct in saying the total IHT allowance will be 1million or 975k?

Thanks

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