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IHT - widow
lexington013
Posts: 335 Forumite
Hi, my mum was left as sole named person in my fathers will.
I understand that we need to get the property now valued for IHT purposes.
I'm not sure on the nil rate band situation.
Both mum and Dad are named on the deeds of the house (no mortgage).
The house is worth about £360,000.
Dad left savings to mum of about £16000.
Is mums band now £325000 and anything above that tax is due?
My sister and I have been busy working through funeral arrangements, pensions, probate etc and supporting mum with this.
She is 80 years old.
Thanks in advance.
I understand that we need to get the property now valued for IHT purposes.
I'm not sure on the nil rate band situation.
Both mum and Dad are named on the deeds of the house (no mortgage).
The house is worth about £360,000.
Dad left savings to mum of about £16000.
Is mums band now £325000 and anything above that tax is due?
My sister and I have been busy working through funeral arrangements, pensions, probate etc and supporting mum with this.
She is 80 years old.
Thanks in advance.
0
Comments
-
No IHT. Everything passing between spouses is exempt.:heartpuls Daughter born January 2012 :heartpuls Son born February 2014 :heartpuls
Slimming World ~ trying to get back on the wagon...0 -
And if everything is left to your Mum, when your she dies, the IHT allowance on her estate will be £650,000.0
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