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Property sale, inheritance tax
Mrs_DS_2
Posts: 5 Forumite
Can someone please advise on the following situation?
Parents are married. Parent 1 dies and everything is left to Parent 2 (house and savings) so the 500k inheritance for Parent 1 is unused and can be added on to Parent 2.
Parent 2 then sells the house and goes into rented.
When Parent 2 dies can the 1M allowance still be used, as the funds from the house sale are traceable? Or does it revert to the 650k cash allowance even though the vast majority of the savings has now come from the house sale? Thanks for any information!
Parents are married. Parent 1 dies and everything is left to Parent 2 (house and savings) so the 500k inheritance for Parent 1 is unused and can be added on to Parent 2.
Parent 2 then sells the house and goes into rented.
When Parent 2 dies can the 1M allowance still be used, as the funds from the house sale are traceable? Or does it revert to the 650k cash allowance even though the vast majority of the savings has now come from the house sale? Thanks for any information!
0
Comments
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Yes under the downsizing rule the RNRBs can still be claimed.1
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Thank you. What is RNRB please?0
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Residential nil rate band.Mrs_DS_2 said:Thank you. What is RNRB please?1 -
Thank you so much.Keep_pedalling said:
Residential nil rate band.Mrs_DS_2 said:Thank you. What is RNRB please?0
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