Inheritance Tax changes

Bluebirdman_of_Alcathays

Deary me. So you wait 3 weeks for someone to give you free advice, and you are disappointed when it doesn't arrive.


I suspect there are those that do "understand this", but don't want to give anything more than general information. You're talking about people's livelihoods, and you're asking them to work for free.


If you want expert, timely advice, I suggest you go and pay for it. Here are a few suggestions:


http://www.ey.com/UK/en/Home


http://www.kpmg.com/uk/en/pages/default.aspx


http://www.pwc.co.uk/


http://www2.deloitte.com/uk/en.html


https://www.smith.williamson.co.uk/


http://www.bdo.co.uk/

xylophone

You say that your father's personal NRB was used on death.

This means that only your mother's personal NRB is available. (£325,000 at least until 2020).

In addition, there will be the new gradually increasing"family home" allowance after 6 4 17.

https://www.gov.uk/government/publications/inheritance-tax-main-residence-nil-rate-band-and-the-existing-nil-rate-band/inheritance-tax-main-residence-nil-rate-band-and-the-existing-nil-rate-band

"The main residence nil-rate band will be transferable where the second spouse or civil partner of a couple dies on or after 6 April 2017 irrespective of when the first of the couple died."

getmore4less

andrewjameshoward wrote: »

Disappointed that no-one has replied who understands this. Neither of the 2 previous comments is really apt. The first is just wrong..

(i) That is not how the transferrable nil rate band has worked. My father's nil rate band was used 18 years ago. It was a lot less that £325k at the time. There is nothing left to transfer. You don't get to transfer the increases in the nil rate band which have occurred since the first death.
.

If anyone knows the answer, please post.

If refering to mine then the current nill tate band is used for the the transferable amount.

somewhere between 0%-100% of the current £325k based on how much of the one in place at the time

Used it all you get nothing used 1/2 you get 50% of the current amount, used none you get 100% of the current amount.

Have a good read of the legislation and come back with the specific bits you don't understand.

concerned_warrington

My wife has a maiden aunt who is 91 years of age, in rude health and has never had any children, step children or even foster children. My wife is the sole beneficiary of her Aunt's will, which is likely to involve an estate in excess of £325000, particularly when her house is taken into account. Is my wife correct in her understanding that she would not be regarded as direct descendant of her Aunt for the purpose of resident nil rate band usage from April 2017?

Bluebirdman_of_Alcathays

concerned_warrington wrote: »

My wife has a maiden aunt who is 91 years of age, in rude health and has never had any children, step children or even foster children. My wife is the sole beneficiary of her Aunt's will, which is likely to involve an estate in excess of £325000, particularly when her house is taken into account. Is my wife correct in her understanding that she would not be regarded as direct descendant of her Aunt for the purpose of resident nil rate band usage from April 2017?

Well, as a niece, she clearly isn't a direct descendent, no.