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IHT and 7 Year Gift Rule
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The value for probate is £525k but For IHT purposes the estate is £825k, but under the downsizing rule you can still claim his residential NRB and the transferable RNRB from your mother’s estate. So (assuming the house was worth at least £350k you have the full £1M of exemptions available.
You can’t apply for probate until 20 working days after you have submitted a full IHT return, which means filling in IHT400 and all the necessary supplementary forms including IHT435 and 436.1 -
Pucky89 said:
Estate £525,000 ( £315k was the sale of the 2nd house to help cover care home fees (after the family home was part gifted as part of the below gift)
Gift £300,000 split between me and my brother made in March 2019
Thanks again in advance for any help you can provide!Cheers.
The part in bold suggests he owned two homes and the house sold for £315,000 was not the one where he lived.
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kaMelo said:Pucky89 said:
Estate £525,000 ( £315k was the sale of the 2nd house to help cover care home fees (after the family home was part gifted as part of the below gift)
Gift £300,000 split between me and my brother made in March 2019
Thanks again in advance for any help you can provide!Cheers.
The part in bold suggests he owned two homes and the house sold for £315,000 was not the one where he lived.0 -
Keep_pedalling said:The value for probate is £525k but For IHT purposes the estate is £825k, but under the downsizing rule you can still claim his residential NRB and the transferable RNRB from your mother’s estate. So (assuming the house was worth at least £350k you have the full £1M of exemptions available.
You can’t apply for probate until 20 working days after you have submitted a full IHT return, which means filling in IHT400 and all the necessary supplementary forms including IHT435 and 436.
0 -
kaMelo said:Pucky89 said:
Estate £525,000 ( £315k was the sale of the 2nd house to help cover care home fees (after the family home was part gifted as part of the below gift)
Gift £300,000 split between me and my brother made in March 2019
Thanks again in advance for any help you can provide!Cheers.
The part in bold suggests he owned two homes and the house sold for £315,000 was not the one where he lived.0 -
Keep_pedalling said:kaMelo said:Pucky89 said:
Estate £525,000 ( £315k was the sale of the 2nd house to help cover care home fees (after the family home was part gifted as part of the below gift)
Gift £300,000 split between me and my brother made in March 2019
Thanks again in advance for any help you can provide!Cheers.
The part in bold suggests he owned two homes and the house sold for £315,000 was not the one where he lived.0
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