Fathers estate / Inheritance tax

BoxerfanUK

Sorry just thought of another question.  Does my stepmothers' RNRB automatically transfer to my dad? or does he have to apply or fill a form in to obtain it?

Bobziz

It will need to be claimed when he passes. https://www.gov.uk/guidance/inheritance-tax-transfer-of-threshold

BoxerfanUK

Bobziz said:

It will need to be claimed when he passes. https://www.gov.uk/guidance/inheritance-tax-transfer-of-threshold

Brilliant thanks so much

sarahjane1408

I’m fairly sure It’s the unused percentage of the residence nil rate band that is transferred over so you could transfer 100% over and therefore get another 175k from your stepmothers estate now that the threshold has increased bringing your total exempt to £1m.

Bobziz

sarahjane1408 said:

I’m fairly sure It’s the unused percentage of the residence nil rate band that is transferred over so you could transfer 100% over and therefore get another 175k from your stepmothers estate now that the threshold has increased bringing your total exempt to £1m.

Ah yes, this is true, I stand corrected. 

BoxerfanUK

Sarahjane & Bobziz, thanks again very much appreciated.  Have a lovely day

TripleH

Might be worth making a note of the links to use and information and saving it in a convenient place. It is always useful to get things sorted out when relatives are alive, or at least ask the questions.
We had 4 days frantic searching when my father passed away for my parents' wills. My dad had always said they were in a certain place (they weren't) and it was only stupid luck that we found them.

BoxerfanUK

TripleH said:

Might be worth making a note of the links to use and information and saving it in a convenient place. It is always useful to get things sorted out when relatives are alive, or at least ask the questions.
We had 4 days frantic searching when my father passed away for my parents' wills. My dad had always said they were in a certain place (they weren't) and it was only stupid luck that we found them.

Thanks TripleH, you are of course 100% right.  My dad has recently been really poorly for nearly 3 weeks which I am convinced was Covid.  Thankfully he's so much better now and getting better every day.  Really not like him at all as he's always so busy and active that I think it scared him.  He told my sister and I that he wants us to all get together so that he can go through all this sort of stuff and he mentioned IHT hence me starting this thread.