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IHT435 RNRB advice please
tinateaspoon
Posts: 171 Forumite
Can anyone help me please? I am struggling to find some clarity to question 21 "value of other assets to direct descendants" IHT435 claim for resident nil rate. Do these "other assets" include everything I inherit from my late mother, ie savings, shares, etc or does this question just refer to other building property only? I'm confused, and can't face another 50min + on hold to HMRC! thanks
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If you are answering that question then you are claiming the downsizing allowance, which can only be claimed if there are other assets you can claim against ( see note 17). You include all the other assets (cash, shares etc) in that box0
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Keep_pedalling said:If you are answering that question then you are claiming the downsizing allowance, which can only be claimed if there are other assets you can claim against ( see note 17). You include all the other assets (cash, shares etc) in that box
Ah, now I think I understand, but do I deduct any legacies due to other beneficies from the total amount first?
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Yes, it is just the assets that the direct descendants inherit.tinateaspoon said:Keep_pedalling said:If you are answering that question then you are claiming the downsizing allowance, which can only be claimed if there are other assets you can claim against ( see note 17). You include all the other assets (cash, shares etc) in that box
Ah, now I think I understand, but do I deduct any legacies due to other beneficies from the total amount first?1 -
Keep_pedalling said:
Yes, it is just the assets that the direct descendants inherit.tinateaspoon said:Keep_pedalling said:If you are answering that question then you are claiming the downsizing allowance, which can only be claimed if there are other assets you can claim against ( see note 17). You include all the other assets (cash, shares etc) in that box
Ah, now I think I understand, but do I deduct any legacies due to other beneficies from the total amount first?
Super, thank you so much
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