Clarification of Advice on Government website.

clarzier

Keep_pedalling said:

clarzier said:

Keep_pedalling said:

Can you clarify a couple of things please.

is the £100k inheritance from her husband or someone else?

You say the house is worth over £160k, how much over £160k.

Approx 180-187k but as you know houses prices can fluctuate. The 100k is what the deceased had in her sole name and was transferred to the surviving spouse once probate was finalised.

That that confirms his estate is well within his IHT exemption, but more importantly that his inheritance came from his wife. Inheritance from a spouse is covered by spousal exemption which makes a deed of variation inappropriate as it will just reduce the transferable NRB by an equal amount.

Your father should just make the gifts in a single lump sum. 

Thank you. There us something else but I don't know if this changes anything but the house is currently unregistered as there has been no changes since the introduction of title numbers- all the documentation in the deeds is in the sole name of the surviving spouse except for a small further advance from early 80s which is in both names. Will this cause any issues 

RAS

Hi, rather than drip-feeding information, can you just give us:

Date of first death.

Ignore joint accounts unless the money actually came from the deceased.

Value of sole accounts including investments?

Potential value of house and legal ownership.

Current value of surviving parents cash and investments?

Keep_pedalling

clarzier said:

Keep_pedalling said:

clarzier said:

Keep_pedalling said:

Can you clarify a couple of things please.

is the £100k inheritance from her husband or someone else?

You say the house is worth over £160k, how much over £160k.

Approx 180-187k but as you know houses prices can fluctuate. The 100k is what the deceased had in her sole name and was transferred to the surviving spouse once probate was finalised.

That that confirms his estate is well within his IHT exemption, but more importantly that his inheritance came from his wife. Inheritance from a spouse is covered by spousal exemption which makes a deed of variation inappropriate as it will just reduce the transferable NRB by an equal amount.

Your father should just make the gifts in a single lump sum. 

Thank you. There us something else but I don't know if this changes anything but the house is currently unregistered as there has been no changes since the introduction of title numbers- all the documentation in the deeds is in the sole name of the surviving spouse except for a small further advance from early 80s which is in both names. Will this cause any issues 

There is no need to do anything about that until the house actually changed hands. 

clarzier

RAS said:

Hi, rather than drip-feeding information, can you just give us:

Date of first death.

Ignore joint accounts unless the money actually came from the deceased.

Value of sole accounts including investments?

Potential value of house and legal ownership.

Current value of surviving parents cash and investments?

Jun 2023
100k
Between 180k and 187k
No title number for the property and documents suggest that when it was first purchased it was in sole name of surviving parent but there is a further advance set of paperwork which is showing in 2 names.
300k surviving parent cash and investment

RAS

So the whole lot is worth less than £650k?

Savvy_Sue

Keep_pedalling said:

clarzier said:

Keep_pedalling said:

clarzier said:

Keep_pedalling said:

Can you clarify a couple of things please.

is the £100k inheritance from her husband or someone else?

You say the house is worth over £160k, how much over £160k.

Approx 180-187k but as you know houses prices can fluctuate. The 100k is what the deceased had in her sole name and was transferred to the surviving spouse once probate was finalised.

That that confirms his estate is well within his IHT exemption, but more importantly that his inheritance came from his wife. Inheritance from a spouse is covered by spousal exemption which makes a deed of variation inappropriate as it will just reduce the transferable NRB by an equal amount.

Your father should just make the gifts in a single lump sum. 

Thank you. There us something else but I don't know if this changes anything but the house is currently unregistered as there has been no changes since the introduction of title numbers- all the documentation in the deeds is in the sole name of the surviving spouse except for a small further advance from early 80s which is in both names. Will this cause any issues 

There is no need to do anything about that until the house actually changed hands. 

You don't HAVE to do anything until it changes hands, but there may be some benefit in registering the property before that. It will save time and potential aggro later. 

p00hsticks

clarzier said:

RAS said:

Hi, rather than drip-feeding information, can you just give us:

Date of first death.

Jun 2023

???? That's in the future ????