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IHT threshold question
Can I just check my understanding of the IHT threshold?
Married couple, joint tenants of main residence, she also owned another house in her name solely. They both have wills. His leaves everything to her or their children if she predeceases, hers leaves everything to him or their children if he predeceases except the second home which she leaves to their children.
He dies first, everything is left to her, she now solely owns the main residence and the second home.
She subsequently dies, has not changed original will.
Does her estate get the 2x nil band rate plus 2x RNRB = £1,000,000? Or does the second home somehow change things?
Comments
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No the second home changes nothing, unless it takes her estate over £2M.
1 -
As long as her main residence passes to the children - then the full RNRB should still apply . As long as that house is worth more than £350K - if it is worth less than only that value can be used. So £650K + values of the family home.
1
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