This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Claiming Nil Rate Band Transfer After Grant Of Probate

John391
Posts:1
Joined:Sat Sep 18, 2021 1:45 pm
Claiming Nil Rate Band Transfer After Grant Of Probate

Postby John391 » Sat Sep 18, 2021 1:54 pm

Due to a dramatic rise in house prices recently, the value of the deceased's property has increased since probate was granted, and which has taken value of estate above the £325K threshold. As the available nil rate band transfer was not claimed at the time of the probate application, as the total estate value was well below the £325K threshold, can the NRB transfer be claimed now retrospectively, and if so, how would one go about this please?

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

Re: Claiming Nil Rate Band Transfer After Grant Of Probate

Postby maths » Sat Sep 18, 2021 5:38 pm

IHT is levied on the value of the deceased's estate at the date of death (ie probate value), not later.

So, even if the house price increased post death this increase will not affect the IHT payable. On a future sale of the property, however, a CGT charge will arise on any gain which arises post death.

There is no point in now claiming, post probate, a transfer of the former spouse's unused NRB.


Return to “Inheritance Tax, IHT, Trusts & Estates, Capital Taxes”