IHT question

Diana26

Hi
My father has recently passed away and I am tasked as one of his executors to sort out his IHT. My mother passed away in 2020 and she passed all her money and share of the house to my dad, however there were a few items of jewellery that she detailed to be passed to various family members in her will. They didn’t have a huge value. My question is, does the value of that jewellery have to be deducted from her IHT allowance that has passed onto my dad. I am trying to fill in the IHT form in regard to this.
thank you

Keep_pedalling

Was probate required for your mother? If it was her will is a public record so it would be unwise not to declare them.

Diana26

yes we got probate for my mum, so it was declared, I just need to know if I take the value off the £325k allowance 

Diana26

So say the value of the jewellery that was bequeathed in the will was £5k, would the NRB that was passed to my father and then onto us be £320k instead of £325k?

RAS

Yes, basically

Keep_pedalling

Diana26 said:

So say the value of the jewellery that was bequeathed in the will was £5k, would the NRB that was passed to my father and then onto us be £320k instead of £325k?

It is actually calculated as a percentage of the amount used to take into account of what the NRB was at the time of the first death. In this case the NRB has not change so you can just deduct the value of items from the transferable NRB.