IHT Threshold for my fathers estate.

w0nKy

Unfortunately my father recently passed away in his care home due to this virus.
Looking into IHT, my mother passed away and left everything to dad, her half of the house and her savings of a several thousand pounds. Probate was very straightforward in her circumstances.

Looking at the IHT guide, am I right in my understanding that her £325,000 NRB is unused and can be transferred to dads estate?

The house is left to my sister and myself and I am wondering if this would be eligible for RNRB.

So am I correct in assuming that dads NRB + mums NRB + RNRB are applicable?

Lastly, has anyone used UK Probate? Seem to get good reviews on Trustpilot.

Thank you in advance.

Bobziz

That looks right to me. You should have 2 X nrb's and 2 X rnrb's available. Not tried UK probate. It looks pretty simple to me so I'd do it myself.

xylophone

https://www.gov.uk/guidance/inheritance-tax-transfer-of-threshold
You could deal with probate yourself?

WaywardDriver

Download the IHT205 form and start filling it in offline and see how easy/difficult to do yourself. In my experience the form and accompanying notes (IHT206) will guide you through the process.

sarahjane1408

Yes, sounds like you will have 2 nil rate bands and 2 transferable nil rate bands (subject to any tapering if the estate goes over £2m). 

If the estate is under £650,000 and you are claiming 100% of your mother's nil rate band over to your dad's estate, then you can do an IHT205 and 217.  If the estate exceeds this, then to claim the residence nil rate band (and transferable rnrb from your mum's estate) then you will be pushed into doing the long form IHT account which is an IHT400 and supporting schedules.

Hope that's helpful.

Best wishes

Sarah