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main home inheritance tax liability
bullyg
Posts: 6 Forumite
in Cutting tax
Have just loss father in law and my wife is about to deal with his estate. We are fairly familiar as I did probate and execution of my mothers estate a couple of years ago.
I wonder if anyone can shed light on the current situation please.
In August 2019 for health reasons father had to move into care which has been very expensive. In order to fund that he sold his main home and put the money into a fund to pay his ongoing care costs. I have read the HMRC guidance and am a little concerned the remaining value of the sale of his home and the other money he had puts him over the threshold. Prior to selling his home his estate was well under his nil rate. Can the sale value of his home count towards RNRB?
I wonder if anyone can shed light on the current situation please.
In August 2019 for health reasons father had to move into care which has been very expensive. In order to fund that he sold his main home and put the money into a fund to pay his ongoing care costs. I have read the HMRC guidance and am a little concerned the remaining value of the sale of his home and the other money he had puts him over the threshold. Prior to selling his home his estate was well under his nil rate. Can the sale value of his home count towards RNRB?
0
Comments
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Have a look at the inheritance tax manual here (and the following pages):
https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm46050
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Jeremy, thanks that is good news.
Best G1
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