Inheritance tax

56cheffy

I seem to recall reading somewhere that if I leave my main residence to my son he is able to claim up to £175000 against IHT as well as 2 x £325000 making a
total of £825 000.
Is that correct?

Savvy_Sue

Are you a widow(er)?

If you are, did your late spouse leave everything to you? If not everything, how much? 

But I think you're on the right lines. 

Keep_pedalling

Savvy_Sue said:

Are you a widow(er)?

If you are, did your late spouse leave everything to you? If not everything, how much? 

But I think you're on the right lines. 

Two more question to add to that, do your assets exceed £2M? 

If you are a widower was your wife your son’s mother?

56cheffy

Savvy_Sue said:

Are you a widow(er)?

If you are, did your late spouse leave everything to you? If not everything, how much? 

But I think you're on the right lines. 

Yes I am a widower, my wife left everything to me, mostly her debts!

56cheffy

Keep_pedalling said:

Savvy_Sue said:

Are you a widow(er)?

If you are, did your late spouse leave everything to you? If not everything, how much? 

But I think you're on the right lines. 

Two more question to add to that, do your assets exceed £2M? 

If you are a widower was your wife your son’s mother?

My assets do not exceed £2M and my wife was my son's mother.

Keep_pedalling

56cheffy said:

Keep_pedalling said:

Savvy_Sue said:

Are you a widow(er)?

If you are, did your late spouse leave everything to you? If not everything, how much? 

But I think you're on the right lines. 

Two more question to add to that, do your assets exceed £2M? 

If you are a widower was your wife your son’s mother?

My assets do not exceed £2M and my wife was my son's mother.

In which case you have 2 RNRBs to play with as well so if your home is worth £350k or more your estate will have £1M in exemptions. If you home worth less than that then it is £650k plus the value of your home.