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Inheritance tax when siblings left house
Comments
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Thanks for confirming, I thought I’d misunderstood the processKeep_pedalling said:
Sorry, I got distracted and had a senior moment there. I have corrected it to say IHT return.jackieblack said:
Could you explain what "having to do a NRB" means, please?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.Everything will be alright in the end so, if it’s not yet alright, it means it’s not yet the endQuidquid Latine dictum sit altum videtur0 -
Brilliant, thanks for thatKeep_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.
MFW December 2026
Initial mtg £100,000 Jan 2021Final payment made balance £0 May 2026
mortgage free part II done!
retirement planning started June 26
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