IHT help

completelybroke

Hi

My dad recently passed away (no will)
My mother died several years ago (also no will) and everything passed to my dad. As far as I can ascertain, as a result of everything passing to my dad he never completed any probate / IHT forms. My mother's estate would have been minimal (under 10K) plus half value of the house held jointly.
I can complete the IHT400 for my dad's estate.
In order to claim the double nil-rate band allowance do I need to know the exact value of my mum's estate? my dad had dementia the last few years and it's difficult to ascertain what has actually been done/not

Keep_pedalling

No you do not need to, all you need to know is that all of her estate passed to him, therefore her full nil rate band is transferable.

You also have 2 lots of primary residence nil rate band to use if needed.

completelybroke

Thank you.
I will google what primary residence nil rate band is as not heard of that.
That may come in very useful if can use in addition to the nil rate band.

completelybroke

OK, I can use that certainly on behalf of my dad.
What I don't understand is - my mother died in 2011, can I transfer her primary residence nil rate band?
Also, using this primary residence nil will likely mean there is no inheritance tax to pay. Can I fill in iht205 or should I still fill in iht400?

Yorkshireman99

completelybroke wrote: »

Hi

My dad recently passed away (no will)
My mother died several years ago (also no will) and everything passed to my dad. As far as I can ascertain, as a result of everything passing to my dad he never completed any probate / IHT forms. My mother's estate would have been minimal (under 10K) plus half value of the house held jointly.
I can complete the IHT400 for my dad's estate.
In order to claim the double nil-rate band allowance do I need to know the exact value of my mum's estate? my dad had dementia the last few years and it's difficult to ascertain what has actually been done/not

Even if there is no IHT to pay you should consider getting a professional valuation so any future CGT calculation starts from the correct base. Obviously if you intend to make it your primary residence then it would not be necessary.

Keep_pedalling

completelybroke wrote: »

OK, I can use that certainly on behalf of my dad.
What I don't understand is - my mother died in 2011, can I transfer her primary residence nil rate band?
Also, using this primary residence nil will likely mean there is no inheritance tax to pay. Can I fill in iht205 or should I still fill in iht400?

Even though she died before that cam in, it can still be transferred, but you can only claim that using IHT 400 and the appropriate supplementary sheets.

completelybroke

Thank you both