Inheritance tax when siblings left house

jackieblack

Keep_pedalling said:

jackieblack said:

Keep_pedalling said:

If they were widowed it is better to use the NRB plus transferable NRB, then the NRB + residential NRB as this avoids having to do a NRB. 

Could you explain what "having to do a NRB" means, please?

Sorry, I got distracted and had a senior moment there. I have corrected it to say IHT return.

Thanks for confirming, I thought I’d misunderstood the process  

V3cash

Keep_pedalling said:

If that is all that is in the estate there will be no IHT as the estate has both the NRB and residential NRB giving a total exemption of £500k. If the deceased had been widowed then the estate will have up to £1M in exemptions with any unused transferable NRBs.

If they were widowed it is better to use the NRB plus transferable NRB, then the NRB + residential NRB as this avoids having to do a IHT return.

Brilliant, thanks for that