Inheritance tax RNRB Property values

soundtight

Hi, I'm trying get clarification on how much IHT i may need to pay. My mum who lived alone passed away leaving 250K in savings and a property valued at roughly 300K. So the total value of the estate is 550K. Do I just pay IHT on the 50K over the threshold or do I have to pay IHT on the 125K that the property is over the RNRB limit of 175K?

Keep_pedalling

You mother’s combined NRB and RNRB mean that no tax is due on £500k (I am assuming she died after 5th April this year) so tax would be due on  £50k.

if she was a widow the no tax will be due as she will have sufficient transferable allowance to cover that £50k

xylophone

Was the whole of your father's estate left to your mother? Had he made any gifts (in excess of exemptions)  to persons other than your mother  in the seven years before he died?

Did your mother make any gifts in excess of exemptions in the seven years before she died?
https://www.canadalife.co.uk/adviser/news/transferring-the-nrb-and-rnrb

soundtight

xylophone said:

Was the whole of your father's estate left to your mother? Had he made any gifts (in excess of exemptions)  to persons other than your mother  in the seven years before he died?

Did your mother make any gifts in excess of exemptions in the seven years before she died?

No She hadn't been married since the mid 80s. There were no gifts made in excess of exemptions in the last 7 years. Thanks.