Inheritance tax

greenhoppo1066

Hi. I need some advice, I bought a house 10 years ago and lived in it for 4 years, I then move in with my partner and rented out my house.
i know that I have the £350,000 tax free allowance threshold but will I be entitled to the £175,000 as well even though I don’t live in house any more. 

Thanks for any advice. 

Aretnap

HMRC say

"The person that died must have owned and lived in the property at some time. A property that they owned but never lived in, such as a buy-to-let, will not qualify for this allowance." (Emphasis mine)

Obviously you did live in it at some time, so it does qualify for the nil rate band.

https://www.gov.uk/guidance/check-if-you-can-get-an-additional-inheritance-tax-threshold

Keep_pedalling

Are your children from your current relationship or a previous one. Do you both have wills in place?

Albermarle

greenhoppo1066 said:

Hi. I need some advice, I bought a house 10 years ago and lived in it for 4 years, I then move in with my partner and rented out my house.
i know that I have the £350,000 tax free allowance threshold but will I be entitled to the £175,000 as well even though I don’t live in house any more. 

Thanks for any advice. 

It is £325K not £350K ,
The RNRB of £175K only applies if you have children to leave the house to .

greenhoppo1066

Hi. The house is left in my will to my daughters and they are from a previous marriage, my partners house goes to his family, thanks for advice and it’s good to know I’m intitled to extra £175,000.