Inheritance tax threshold

My father died and the only thing he left was his house. In his will it says after private distributions have been made in accordance with my father's wishes the balance is to be distributed equally between her 5 children. My query is - what will be the inheritance tax threshold in this case? I understand that if it was distributed simply to the 5 children then the threshold would be £500K , but because other (probably small) bequests are to be made from the sale of the house then will the threshold be £375K?

Comments

  • Fortunately it does not work like that, minor bequests do not prevent the RNRB being used, and will only reduce the amount that can used if those bequests exceed the NRB.

    If your father I was a widower you also have the transferable NRB available from his wife assuming they were not used up on her death.
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