Inheritance Tax additional threshold

Interested_Party

My mothers property is currently worth circa £400,000.00, any additional assets will be circa £20,000.00. In her will she has left bequests of £50,000.00 to her Grandchildren/Great Grandchildren, the balance of her estate to my brother and myself.

She does not specifically give her house to us, but is my understanding that the house will form part of her assets on death and that as she is leaving all of her assets to her Children/Grandchildren/Great Grandchildren, mean that for IHT reporting purposes the estate will be free from the tax as it falls below the £450,000.00 additional threshold level?

Keep_pedalling

Interested_Party wrote: »

My mothers property is currently worth circa £400,000.00, any additional assets will be circa £20,000.00. In her will she has left bequests of £50,000.00 to her Grandchildren/Great Grandchildren, the balance of her estate to my brother and myself.

She does not specifically give her house to us, but is my understanding that the house will form part of her assets on death and that as she is leaving all of her assets to her Children/Grandchildren/Great Grandchildren, mean that for IHT reporting purposes the estate will be free from the tax as it falls below the £450,000.00 additional threshold level?

That is correct, you don’t need to name the property, and it is usually not a good idea to do so.

If your mother is a widow, her estate can roll over any unused allowances from your father.