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Where Taxpayers and Advisers Meet

Inheritance Tax & new RNRB Rules

AnthonyR
Posts: 294
Joined: Wed Feb 08, 2017 2:33 pm

Re: Inheritance Tax & new RNRB Rules

Postby AnthonyR » Fri Sep 27, 2019 9:01 am

Many families would not do anything, but to keep things in order I would suggest doing things properly.

The executors of the Will (your dad?) should apply for probate and complete the relevant IHT forms (possibly the simpler IHT205 if her assets were below £325,000 - but double check this). Based on the information there shouldn't be any IHT to pay.

Once you have probate, your wife should be added onto the land registry and your mother removed. You will need a lawyer to put in place a declaration of trust specifying the ownership percentages.
Anthony Rogers LLB CTA TEP
Fusion Partners LLP
anthony@fusionpartners.co.uk

Lee Young
Posts: 2667
Joined: Wed Aug 06, 2008 3:26 pm
Contact:

Re: Inheritance Tax & new RNRB Rules

Postby Lee Young » Fri Oct 11, 2019 5:38 pm

Assuming mum and dad are both on the Land Registry title then you do not need probate to transfer mum's 20% of the property to your wife. Dad, as sole surviving legal owner of the property, can transfer the title into his, your and your wife's joint names. Probate would be needed if other assets are in your mum's sole name, to transfer those assets.
Lee Young
Solicitor, Chartered Tax Adviser and Trust and Estate Practitioner


Partner, Frettens LLP
lyoung@frettens.co.uk
01202 491701

kumar9
Posts: 53
Joined: Wed Aug 06, 2008 4:00 pm

Re: Inheritance Tax & new RNRB Rules

Postby kumar9 » Fri Oct 18, 2019 12:15 pm

Thanks for the replies, just for further clarification ,
Currently Dad owns 20 % , my Mom owned 20 % , my wife owns 30 % , I own 30 % ( have done so for the last 7 yrs plus when the first transfers to us were made)
On present valuation, both Dad's 20 % & Mom's 20 % are much much less than £ 325,000
Thanks

kumar9
Posts: 53
Joined: Wed Aug 06, 2008 4:00 pm

Re: Inheritance Tax & new RNRB Rules

Postby kumar9 » Fri Oct 18, 2019 12:18 pm

Dad does not wish to transfer any of Mom's estate to himself , also Mom's & Dad's mirror will says on passing of either, the deceased estate should go to my wife in my Mom's case,to me in case of my Dad's passing.


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