Understanding my iht position

Top11

Just after some clarification on our family iht position.

Husband passed away 2012, everything passed to me wife.

In 2016 I gifted a share of my only main residence to my eldest son. We both lived together and i paid 90% of all bills. So I'm hoping there was no GWR.
Our Joint beneficial tenancy was severed in 2020 to become tenants in common holding equal shares.

In 2021 son bought my remaining share of the house at market value. I moved out to a new place which I purchased with my own cash in my sole name, and am happily living there with my youngest daughter who's now moved in with me.

If I was to pass away in next 7 years what are the implications in terms of IHT? Have i created any liabilities due to the prior gifting to my son in 2016? Can the RNRB and TNRB be used against my new house which i want to leave to my daughter?
What is my iht allowance.

Thanks to all that may help to answer.

Top11

Also did I create any sort of PET when I moved out to my new place in 2021.
Can also my estate include my old property which is now in my sons name as the full 7 years hasn't lapsed?

Keep_pedalling

GWR should not apply apply as your son was living with you so unless you die before the 7 years is up then the 50% you gifted will fall out of your estate. 

Top11

Keep_pedalling said:

GWR should not apply apply as your son was living with you so unless you die before the 7 years is up then the 50% you gifted will fall out of your estate. 

 So after the 7 years is up (which will be sep 2023) will all the rnrb and tnrb still be available to be used for my estate on death ? My current property is worth 700k and I have 40k in savings. My new property is currently worth more then the one in had before.

getmore4less

In 2016 I gifted a share of my only main residence to my eldest son. We both lived together and i paid 90% of all bills. So I'm hoping there was no GWR.

this should help cover that point
https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm14332

you can only use 1 property for RNRB and the one you live in should do the job of getting the full £350k

Looks like you still have a PET from 2016 of 1/2 the value of that property at the time.

assuming none of hte nil rate band got use you should have £1m to play with 

Top11

Just a general question if I ever moved back in with my son due to old age say in 15 years time, because i earlier gifted him a share in the property , does the GWR kick back in (even if he's bought a new house)

Keep_pedalling

Top11 said:

Just a general question if I ever moved back in with my son due to old age say in 15 years time, because i earlier gifted him a share in the property , does the GWR kick back in (even if he's bought a new house)

No, and you would not lose your RNRB either as you are allowed to sell up and move in with family without losing it.

getmore4less

Top11 said:

Just a general question if I ever moved back in with my son due to old age say in 15 years time, because i earlier gifted him a share in the property , does the GWR kick back in (even if he's bought a new house)

GWR interacts with  pre-owned asset taxes.

There are exemptions for caring situations

Top11

getmore4less said:

Top11 said:

Just a general question if I ever moved back in with my son due to old age say in 15 years time, because i earlier gifted him a share in the property , does the GWR kick back in (even if he's bought a new house)

GWR interacts with  pre-owned asset taxes.

There are exemptions for caring situations

Would it cause a POAT situation if I ever moved back due to being cared for later in older life?

Keep_pedalling

Top11 said:

getmore4less said:

Top11 said:

Just a general question if I ever moved back in with my son due to old age say in 15 years time, because i earlier gifted him a share in the property , does the GWR kick back in (even if he's bought a new house)

GWR interacts with  pre-owned asset taxes.

There are exemptions for caring situations

Would it cause a POAT situation if I ever moved back due to being cared for later in older life?

Not if you genuinely needed care, but why are you even thinking of a future where one of your children ends up as your career? From my experience this is rarely a good situation for the career and can lead to mental and physical health issues and the breakdown of relationships.