Transfer of RNRB

sunsetboulevard

Just checked my mother's will. Definitely no mention of a life interest.

Keep_pedalling

Jo101 wrote: »

Thanks for your reply keep pedalling.

I think the total value of the property was around £400,000 at the time of my mother's death. My half of the property would have been £200,000 at that time (2012). So does that mean I would be able to transfer £125,000 of her NRB also, giving my father a total NRB of £650,000?

Thank you.

As it stands yes, but if the nil rate band changes, it will be based on the percentage of the original NRB used. The PRNRB is also rising over the next couple of years so will rise from the current £100k to £175k.

As you have now confirmed that 50% of the house is owned by you and is not in trust you may also face a CGT bill if the property is sold.

sunsetboulevard

Would I be liable for CGT even though I actually live in this property with my father and have done so for the past 17 years?

Also, could you please tell me what the letter 'P' stands for in PRNRB?

Thanks.

Keep_pedalling

Jo101 wrote: »

Would I be liable for CGT even though I actually live in this property with my father and have done so for the past 17 years?

Also, could you please tell me what the letter 'P' stands for in PRNRB?

Thanks.

As the house is your primary (which is what the p stands for) residence then you are exempt from CGT.

sunsetboulevard

Many thanks keep pedalling.