IHT, married couple and taking into account main property

diystarter7

I've been reading and looking on various sites ic the dot Gov and here about IHT

My understanding about IHT is that a person is allowed 325k allowance at nil rate and double for married people.

I would be grateful with your help with the following.

Lets say our property/main residence is worth 500k.  We have an apartment in the uk
used as a holiday/weekend home not rented out worth about 300k. We have about 50k
in shares/savings/etc.

My understanding is that we would not pay IHT as 325k x 2 allowance plus the 175k per person  for main property.

Our total assets equate to  850k and allowances inc main property equate to 1 million.

Am I right?

If/when one spouse passes away first and leave everything to the other, it would be nil rate. However, when the 2nd spouse passes away, do the loose the  2nd 175k
property allowance?

I'm not great at writing, making sense but hope it's clear enough but will clarify if/when requested. 

p00hsticks

diystarter7 said:

If/when one spouse passes away first and leave everything to the other, it would be nil rate. However, when the 2nd spouse passes away, do the loose the  2nd 175k property allowance?

To whom will the 2nd spouse be leaving their estate ? It makes a difference if they will be leaving it to direct decendants (children or grandchildren) or not.....

Keep_pedalling

The RNIB is transferable so it won’t lost. Both RNRB allowances can only be used if you are have direct descendants as major beneficiaries.

diystarter7

p00hsticks said:

diystarter7 said:

If/when one spouse passes away first and leave everything to the other, it would be nil rate. However, when the 2nd spouse passes away, do the loose the  2nd 175k property allowance?

To whom will the 2nd spouse be leaving their estate ? It makes a difference if they will be leaving it to direct decendants (children or grandchildren) or not.....

Leaving to direct descendents, EG, children/grandchildren.

When the first spouses passes away and everything goes to the remaining spouse, then when 2nd spouse goes, would they benefit from the same tax advantage as though the first spouse property etc was willed to children/grandchildren?

diystarter7

Keep_pedalling said:

The RNIB is transferable so it won’t lost. Both RNRB allowances can only be used if you are have direct descendants as major beneficiaries.

Ok, thank you. I read a post and respond and everyone can now ignore the question I posted a minute ago.