Administration of a Scottish Estate

buddy9

crashedandcool said:

Thanks for the responses and I've been continuing my research as the response made be have to look into nil rate bands and the 2022 rule changes. Now I realised I am unlikely to need to transfer my mums allowance because of the residence nil rate band of 175k which automatically gets applied if the home is left to children.

I don't think the residence nil rate band is automatically applied. It seems that you need to claim it by submitting IHT 400 and associated form. 

So on that basis, claiming  transferrable NRB might be a better option for you

Keep_pedalling

buddy9 said:

Keep_pedalling said:

Legal rights only include movable assets so unless someone does without owning land or property then children are not going to be able to claim 1/3 of the estate.

This is incorrect. While legitim entitlement only applies to moveable property (money etc.), the existence of heritable property in an estate does not disapply the entitlement to legitim.

Sorry I did not make myself clear, I did not mean that it removed the rights just that where an estate contains heritable property the percentage of the estate subject to them is going to be a lot lower the an estate consisting entirely of movable assets.

crashedandcool

buddy9 said:

crashedandcool said:

Thanks for the responses and I've been continuing my research as the response made be have to look into nil rate bands and the 2022 rule changes. Now I realised I am unlikely to need to transfer my mums allowance because of the residence nil rate band of 175k which automatically gets applied if the home is left to children.

I don't think the residence nil rate band is automatically applied. It seems that you need to claim it by submitting IHT 400 and associated form. 

So on that basis, claiming  transferrable NRB might be a better option for you

Interesting. I had a bit of trouble pinning that one down and it looks like I got it was automatic from one lawyers website. I've not found much official that states it either way only a link to the actual form you'd use which again doesn't say if you need to use it .Then with the 2022 changes so that an old link. I've pretty much finished my research for now and gone through the 36 pages of the other thread. No doubt sadly will be back when it's time.

Thank you for the replies everyone