Transferring NRB

Bassmanjohn

 Just looking for some advice. My mother, who passed away 3 years ago, left her total estate to my father. During the 7 years prior to her death, she gave cash gifts totalling £30,000. Her estate, including these monetary gifts, was below the current IHT threshold. My father has now passed away and we need to transfer my mother's NRB to my father. Does my mother still have the 100% NRB to transfer? Does anyone have any suggestions on which HMRC form we need to fill in? Thanks

Keep_pedalling

The full rate is not available as she used up £30k of it with her gifts. Which forms you require will depend on the value of your father’s estate. Do you have a rough idea of it’s value?

Bassmanjohn

Keep_pedalling said:

The full rate is not available as she used up £30k of it with her gifts. Which forms you require will depend on the value of your father’s estate. Do you have a rough idea of it’s value?

Thanks, that's clarified our thoughts. An approximate estimate of Dad's estate is £600,000, including his house, so with the remainder of mum's transferred NRB and his RNRB he should be exempt. However we still think we have to use form IHT400 rather than the more simple IHT205 because mum gave away those monetary gifts. 

Keep_pedalling

Bassmanjohn said:

Keep_pedalling said:

The full rate is not available as she used up £30k of it with her gifts. Which forms you require will depend on the value of your father’s estate. Do you have a rough idea of it’s value?

Thanks, that's clarified our thoughts. An approximate estimate of Dad's estate is £600,000, including his house, so with the remainder of mum's transferred NRB and his RNRB he should be exempt. However we still think we have to use form IHT400 rather than the more simple IHT205 because mum gave away those monetary gifts. 

You have the option of claiming the NRB + transferable NRB  which will cover £620k or the NRB + 2xRNRB which will cover £650k. Both options require you to go down the IHT400 route.

Bassmanjohn

Keep_pedalling said:

Bassmanjohn said:

Keep_pedalling said:

The full rate is not available as she used up £30k of it with her gifts. Which forms you require will depend on the value of your father’s estate. Do you have a rough idea of it’s value?

Thanks, that's clarified our thoughts. An approximate estimate of Dad's estate is £600,000, including his house, so with the remainder of mum's transferred NRB and his RNRB he should be exempt. However we still think we have to use form IHT400 rather than the more simple IHT205 because mum gave away those monetary gifts. 

You have the option of claiming the NRB + transferable NRB  which will cover £620k or the NRB + 2xRNRB which will cover £650k. Both options require you to go down the IHT400 route.

Thanks for the info, much appreciated.