We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Nil Rate Tax
Options

otb666
Posts: 838 Forumite


My MIL passed away If we change house from joint to FIL only do we lose the transferable Nil rate tax thingy when FIL dies ?. House is 350k Savings 100k. Is it best not to change from joint after one of joint owners passes away FIL is executor in will and beneficiary. We have done all the banks etc without probate as MIL only had 10k in savings and everything else was joint.
21k savings no debt
0
Comments
-
Whether you make the changes on the land registry or not you FIL is now the sole owner of the property. This does not effect the transferable NRB or the transferable residential NRB, but his estate won’t need either as it is well within his own exemptions.1
-
otb666 said:My MIL passed away If we change house from joint to FIL only do we lose the transferable Nil rate tax thingy when FIL dies ?. House is 350k Savings 100k. Is it best not to change from joint after one of joint owners passes away FIL is executor in will and beneficiary. We have done all the banks etc without probate as MIL only had 10k in savings and everything else was joint.1
-
Keep_pedalling said:Whether you make the changes on the land registry or not you FIL is now the sole owner of the property. This does not effect the transferable NRB or the transferable residential NRB, but his estate won’t need either as it is well within his own exemptions.0
-
shiraz99 said:Keep_pedalling said:Whether you make the changes on the land registry or not you FIL is now the sole owner of the property. This does not effect the transferable NRB or the transferable residential NRB, but his estate won’t need either as it is well within his own exemptions.0
-
my FIL is currently in good health So not quite sure still whats the best order to do things. I dont understand really How do I apply the NRB for MIL when FIL does pass away as then the will passes property to his 2 sons. Thank you for replies21k savings no debt0
-
It doesn’t matter in terms of the NRB who FiL leaves his money to, so you don’t have to worry about that.If everything has currently passed from MiL to FiL then so has her NRB. Her money/property and her NRB allowance. So when FiL does pass he will have his NRB and her NRB because it hasn’t been used. These will be set against his estate - so at todays values he will have an allowance of 2x £325k before he would have to pay any inheritance tax - which sounds plenty unless he comes into money in the meantime.
As he then leaves everything to his sons and there is a property involved then he would also get up to £350k more allowance if it was needed.
As has been said above you don’t need to change the Land Registry paperwork now.2
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.8K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.5K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards