IHT transfer married couple threshold

2stixoftwixes

Just a quick question for IHT tax planning

My husband and I have £40k in savings in our own names   
+ house worth joint owned worth about £450k 

If my husband passed - that £40k would come to me
I understand we both have a £325,000 nil Rate Band

therefore after the £40k comes to me there is left £285,000 unused allowance - can I then add that to my own £325,000 nil rate band
EG  £285,000+ £325,000,  or would it be  £40,000 + £325,000

or can I just simply calculate that we have £650,000 joint 

Keep_pedalling

No, your inheritance would be covered by spousal exemption so none of his NRB would be used and your estate would have both exemptions available. 

[Deleted User]

2stixoftwixes said:

Just a quick question for IHT tax planning

My husband and I have £40k in savings in our own names   
+ house worth joint owned worth about £450k 

If my husband passed - that £40k would come to me
I understand we both have a £325,000 nil Rate Band

therefore after the £40k comes to me there is left £285,000 unused allowance - can I then add that to my own £325,000 nil rate band
EG  £285,000+ £325,000,  or would it be  £40,000 + £325,000

or can I just simply calculate that we have £650,000 joint 

Don’t forget the property allowance 

https://www.moneysavingexpert.com/family/inheritance-tax-planning-iht/

Keep_pedalling

[Deleted User] said:

2stixoftwixes said:

Just a quick question for IHT tax planning

My husband and I have £40k in savings in our own names   
+ house worth joint owned worth about £450k 

If my husband passed - that £40k would come to me
I understand we both have a £325,000 nil Rate Band

therefore after the £40k comes to me there is left £285,000 unused allowance - can I then add that to my own £325,000 nil rate band
EG  £285,000+ £325,000,  or would it be  £40,000 + £325,000

or can I just simply calculate that we have £650,000 joint 

Don’t forget the property allowance 

https://www.moneysavingexpert.com/family/inheritance-tax-planning-iht/

From a previous thread the OP has a daughter so that should not be forgotten, although joint assets are well below the £1M of available exemptions.