IHT/NRB/RNRB/unused. Any help much appreciated.

boyintheorangeboots

Good afternoon
I'm just getting my head around IHT/probate. Would someone be able to help me with my figures please?

Mother sadly died recently. House value £550k Bank accounts, ISA's NSI savings total £186k. Everything being left to myself and sister.

NRB: £325k
RNRB: £175k

Amount liable for IHT: £236K?

But...
Father died 1989 without leaving a will but everything went to my mother. Can I claim her Unused NRB and RNRB and if so what amounts, given it was 1989? Would it be the same NRB and RNRB as now, so £500k? or I read somewhere the rate in 1989 was £118 for RNRB?

Therefore would (if any) IHT be due?

Very many thanks in advance. Any advice would be much appreciated.

Daniel54

Usage of nil rate bands is always expressed as a percentage rather than a monetary amount.

so it would appear your mother’s estate can utilise 100% of both sets of allowances at current value ie £1m in total

This assumes your parents were married.

boyintheorangeboots

Thank you. Yes, they were married.

Would I need to apply for this before applying for probate so it's in place for calculations?

I'll look at the form to see what information will be required. Memory from 1989 isn't great....

buddy9

Transferrable allowances will only be available if father was married to mother.

Keep_pedalling

boyintheorangeboots said:

Thank you. Yes, they were married.

Would I need to apply for this before applying for probate so it's in place for calculations?

I'll look at the form to see what information will be required. Memory from 1989 isn't great....

Even though there will be no IHT to pay, as you will be claiming one of the RNRB you will have to do a full IHT return before you apply for probate.  

boyintheorangeboots

Thank you.

Do I claim the unused NRB rather than the unused RNRB though as that would cover it (the amount "over" approx. £236k)? 

Keep_pedalling

boyintheorangeboots said:

Thank you.

Do I claim the unused NRB rather than the unused RNRB though as that would cover it (the amount "over" approx. £236k)? 

You will need to claim both NRBs and her RNRB to cover the total value of her estate.

boyintheorangeboots

Sorry for being dense....

So, £500k covered with current claim allowance.

Then unused transferred NRB's from my father of up to £325k?

boyintheorangeboots

Father died in 1989, so would it still be £325k and £175k or based on NRB figure in 1989 (think it was £118k). I understand it would be 100% claim, so 100% claim on £118k or £325k?

Many thanks in advance