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IHT/allowance

castle96
castle96 Posts: 3,010 Forumite
Part of the Furniture 1,000 Posts
in Cutting tax
currently my will says "all estate etc to sons"
My house is £150k. No mortgage. Single
Do I get £325k + the £150k 'additional allowance' or would I have to SPECIFICALLY leave the house 'directly' to them rather than just lumping it in with the estate?
thanks for replies/info

Comments

  • Tom99
    Tom99 Posts: 5,371 Forumite
    1,000 Posts Second Anniversary
    No you don't have to leave the house specifically to your son's usually that would be bad drafting because if you moved but did not update you will!
    Unless you have over £175k in other assets as well as your house you are not going to need to claim the RNRB anyway.
  • castle96
    castle96 Posts: 3,010 Forumite
    Part of the Furniture 1,000 Posts
    Well over £175 in other assets...
    So I DO ? get £325 + £150
  • Tom99
    Tom99 Posts: 5,371 Forumite
    1,000 Posts Second Anniversary
    castle96 wrote: »
    Well over £175 in other assets...
    So I DO ? get £325 + £150
    Yes and the RNRB goes up to £175k from April so if your house increases in value you have some built in headroom.
  • Keep_pedalling
    Keep_pedalling Posts: 21,517 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    Tom99 wrote: »
    Yes and the RNRB goes up to £175k from April so if your house increases in value you have some built in headroom.

    And you still get it if you have sold the house to move into a care home, sheltered housing or to live with one of your children.
  • castle96
    castle96 Posts: 3,010 Forumite
    Part of the Furniture 1,000 Posts
    Do you... that's interesting
This discussion has been closed.
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