Inheritance Tax

Keep_pedalling

Spider777 said:

getmore4less said:

What about residential NRB?  potentially another £350k there

Yes, but no property was owned by my Father when he passed away, so it would just be the 650k I believe. 

It may still be claimable depending on why his did not own a home at the time of death. If for example his home was sold so he could move into rented sheltered housing or with family or it was sold because he needed to move into residential care it can still be claimed.

Spider777

It was sold previously so that he could move into family, to be looked after, but the value was below £300k

Keep_pedalling

Spider777 said:

It was sold previously so that he could move into family, to be looked after, but the value was below £300k

In which case you can claim the entire value of the sold house with the combined RNRBS. If, for example the house sold for £275k  you can claim the full £175 from your father’s allowance, and £100k from your mother’s allowance.

getmore4less

Spider777 said:

getmore4less said:

What about residential NRB?  potentially another £350k there

Yes, but no property was owned by my Father when he passed away, so it would just be the 650k I believe. 

Don't forget downsize rules.
Any property owned on or after 8 July 2015.

Spider777

getmore4less said:

Spider777 said:

getmore4less said:

What about residential NRB?  potentially another £350k there

Yes, but no property was owned by my Father when he passed away, so it would just be the 650k I believe. 

Don't forget downsize rules.
Any property owned on or after 8 July 2015.

This is very interesting, thank you. I hadn’t heard of the downsize rules before.