Transfer of unused IHT

scb2503

Hi

Sadly my surviving parent has just died.  When my other parent died a few years ago, all assets were transferred to my surviving parent and the value of those asset were under £325k.   I understand that the unused IHT relief of £325k can be transferred to my other parent.  What I am not clear is whether i need to complete any forms to apply for an IT reference (for either or both parents).  The value of the estate is well under the £650k so I don't believe that any IT will be due.

Any advice appreciated.

Marcon

scb2503 said:

Hi

Sadly my surviving parent has just died.  When my other parent died a few years ago, all assets were transferred to my surviving parent and the value of those asset were under £325k.   I understand that the unused IHT relief of £325k can be transferred to my other parent.  What I am not clear is whether i need to complete any forms to apply for an IT reference (for either or both parents).  The value of the estate is well under the £650k so I don't believe that any IT will be due.

Any advice appreciated.

Condolences - losing your parents (especially the second one) is never easy. See:

https://assets.publishing.service.gov.uk/media/648833c75f7bb700127fa8dc/IHT402.pdf

poppystar

If the value of the estate is under the £650k then it would be an excepted estate and you only need to complete the Probate application where you will be able to state you want to use the unused allowance. Assuming your parents were married of course.