Understanding Inheritance Tax

13»

Replies

  • Keep_pedallingKeep_pedalling Forumite
    11.9K Posts
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    Forumite
    You will be able to claim his transferable residential NRB, but whether the the main NRB is available will very much be down to how the DT was set up.

    Can you provide more any more detail?
  • iansarahiansarah Forumite
    3 Posts
    First Post
    Newbie
    Thank you for your reply and sorry for not replying sooner.
    I am trying to understand how the DT is set up and will ask when I have worked it out.
    Could you tell me whether, as her sons we could add the 175k Resident Nil Rate band to the basic inheritance tax threshold of 325k, even if none of us intend to live in her house?
    Thank you for your time.
    Ian
  • Keep_pedallingKeep_pedalling Forumite
    11.9K Posts
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    Forumite
    iansarah said:
    Thank you for your reply and sorry for not replying sooner.
    I am trying to understand how the DT is set up and will ask when I have worked it out.
    Could you tell me whether, as her sons we could add the 175k Resident Nil Rate band to the basic inheritance tax threshold of 325k, even if none of us intend to live in her house?
    Thank you for your time.
    Ian
    The exemption is claimable regardless of what you what you plan do with the house after you have probate.
  • iansarahiansarah Forumite
    3 Posts
    First Post
    Newbie
    Thank you you have been a great help.
    Ian
  • SeniorSamSeniorSam Forumite
    1.7K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    Forumite
    iansarah  You need to start a NEW Question. It gets confusing if you jump in on some other question. Just copy this question and paste to a NEW question 
    I'm a retired IFA who specialised for many years in Inheritance Tax, Wills and Trusts. I cannot offer advice now, but my comments here and on Legal Beagles as Sam101 are just meant to be helpful. Do ask questions from the Members who are here to help.
Sign In or Register to comment.
Latest MSE News and Guides

Iceland now offers interest-free loans

But be careful - they'll impact your credit score

MSE News

Vanilla, veg & vexatious neighbours

This week's MSE Forum highlights

MSE Forum

Up to 10% off Macs and iPads

For students, teachers & parents of students

MSE Deals