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IHT transfer married couple threshold
2stixoftwixes
Posts: 106 Forumite
in Cutting tax
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
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
0
Comments
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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.1
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Don’t forget the property allowance2stixoftwixes 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
https://www.moneysavingexpert.com/family/inheritance-tax-planning-iht/
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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.[Deleted User] said:
Don’t forget the property allowance2stixoftwixes 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
https://www.moneysavingexpert.com/family/inheritance-tax-planning-iht/0
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