Inheritance Tax Advice

Burny_Sweetwater_Glasgow

Just wonder if someone on the forum can give me some definitive advice re Inheritance Tax Liability.
My mother died recently and myself and my sister are named executors in her will so thought dealing with her estate would be simple. Having read forum posts and HMRC guides  documents I am confused to say the least. My father died in 2009, in his will he left everything to my mother, very straightforward. My mother left a will and apart from a few very small sums of money going to charities, her grandchild and great grand children the remainder of her estate is to be divided equally between myself and my sister. So total value of her estate including property, savings and investments amount to approximately £675k. Will we be liable for Inheritance Tax? Anyone give a definitive answer? Also can anyone advise exactly which forms we need to complete if we are not liable for Inheritance tax. Any clear advice would be so much appreciated. Thanking you in anticipation. We all reside in England incase that makes any difference.

Mothman

There should be no inheritance tax to pay but you will have to submit an IHT400 return as you will need to transfer your late Fathers unused Nil Rate Band and also claim your Mother's Residential Nil Rate Band. If the estate exceeds £825k then you will also need to transfer your Father's Residential Nil Rate Band.

Keep_pedalling

I agree no inheritance tax, but you will need to submit a full tax return which will be IHT 400 plus a bunch of supplementary forms. Exactly which ones will depend on the assets held in the estate. If you work though pages Pages 5 & 6 on IHT400 you should be able to work out exactly which ones you need.