IHT enquiry

TheCraigClan

Hello All.

My Mother in Law died in October 2021 and my Father in Law died on the 9th of Jan 2022.
Neither had a will.

He contacted all of her banks etc, but didn't get as far as submitting the probate forms.

What will the IHT threshold be?

- CNBR @ £325k x2 + CRNBR @ £175 x2?
- Or CNBR @ £325k x2 + the value of their home up to £350k?

Many thanks.

Keep_pedalling

If the house is worth at least £350k then it will be £1M, if less than that £650k plus the value of the house. 

TheCraigClan

Ah right. The house is only worth about £180k.

It's odd because some sites suggest the NBR and RNBR are simply added together.

Thanks!

Keep_pedalling

TheCraigClan said:

Ah right. The house is only worth about £180k.

It's odd because some sites suggest the NBR and RNBR are simply added together.

Thanks!

They are if the house value is 2 x RNRB below that the most you can claim is the value of the house, although most people with a low value home don’t have sufficient other assets to make full use of the RNRB anyway.

TheCraigClan

Thanks Keep_pedalling

getmore4less

There are situations where there is more than house value through downsizing rules which can give more RNRB.

Downsizing up lift available from July 2015.