Possible Labour Changes in Inheritance Tax

NateW

Savvy_Sue said:

NateW said:

Keep_pedalling said:

If your father left you nothing other than his share in the house then his estate will not owe ant IHT as his bequest to you would have been below the NRB. You will however have to submit an IHT return using IHT 205. The value of the property at that point is important as it will govern how much of his NRB can be transferred to her estate.

You will also need to submit an IHT return for your mother, but if you don’t have enough transferable NRB to avoid also having to use her residential NRB that will need require the use of IHT 400 which requires a bit more work.

Thanks KP, sorry for delay in responding, very busy today in office. Re Savvy Sue's query on CGT, I came home to care for my parents in 2010, living with them from then, my father passing in 2012, my mother in 2019. They had lived in the house since 1998.

So there's no CGT to worry about in that area then. (I think someone mentioned it earlier, which is why I was querying it.)

Thanks SS, that is a relief, after not working for so many years caring for them, I haven't much spare cash and was concerned with possible new legislation I might have to sell up.  Thanks for your input, very much appreciated.

lookbook

NateW said:

Thanks KP, yes I believe I will have to complete a IHT. I am the executor, or was joint with a solicitor firm, but they have relinquished interest. Good to hear that any changes will not impact estates of those who have already died, that was my concern. Thanks for your reply too,

Still best to get it sorted ASAP.

NateW

lookbook said:

NateW said:

Thanks KP, yes I believe I will have to complete a IHT. I am the executor, or was joint with a solicitor firm, but they have relinquished interest. Good to hear that any changes will not impact estates of those who have already died, that was my concern. Thanks for your reply too,

Still best to get it sorted ASAP.

Definitely, for years I haven't been in a good place, other things outside caring for my parents, such as my own cancer scare, but now in a better place.