RNRB Question

tigerspill

My understanding is that RNRB can be transferred to a spouse up to a maximum of £175k or less if the property is valued under £350k in which case the transfer is half of the probate valuation.
My question is whether thee valuation used is at first or second deaths?
So if on first death the property value is £300K, the RNRB transfer would be £150k; but if it was valued at say £400k on second death, the transfer would be £175k.
Thanks

poppystar

It is the value when you apply to use it therefore on the second death. 

tigerspill

poppystar said:

It is the value when you apply to use it therefore on the second death. 

Thank you for clarifying.