Inheritance tax allowances

Expatmichali

My husband and I own everything jointly and will be leaving our assets to our two children or grandchildren. I know that we would have an allowance of £325K each before IHT is payable, but would the £175K be doubled in a similar manner, please? This giving us a total exemption of 1 million? 

RAS

What is the value of your property?

Olinda99

yes it would, providing 'everything' includes a home or the proceeds of a previous home

if for example you only ever rented then no.

Expatmichali

The property is valued at between 500 and  600K and we have owned the leasehold since 1992. We have not always lived in it as we were abroad and it was rented out during that time. We have some savings which include the profits (not much after Capital Gains Tax!)  from the sale of another property. A friend was telling me even a couple only get one £175K exemption so that is why I'm asking. 

Keep_pedalling

Expatmichali said:

The property is valued at between 500 and  600K and we have owned the leasehold since 1992. We have not always lived in it as we were abroad and it was rented out during that time. We have some savings which include the profits (not much after Capital Gains Tax!)  from the sale of another property. A friend was telling me even a couple only get one £175K exemption so that is why I'm asking. 

Your friend is wrong.

Expatmichali

Thank you!