Transferable Nil Rate Band

Jon12345 · 23 August 2019 at 9:11AM

I understand that if a parent dies and leaves everything to their spouse, there is a transferable nil rate band. What I don't understand is when it is claimed. I know you have two years to claim it. But two years after what, the first parents death or the second?

Do you claim it when one parent dies or after both parents have died?

Uxb1 · 23 August 2019 at 9:29AM

You "claim it" on the death of the second parent when you fill in the relevant Inheritance tax account forms for the probate/estate of the second parent when they have died.
I vaguely recall there is a secondary form to fill in when doing the estate of the second parent where you supply the details of the first parents's death plus a copy of the marriage certificate and a copy of the will of the first parent to die.

getmore4less · 23 August 2019 at 9:54AM

I know you have two years to claim it.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/371956/iht217.pdf
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/497793/IHT402.pdf

Tom99 · 23 August 2019 at 10:03AM

The two years runs from the 2nd death but you would normally claim at the same time as sending off the IHT forms for that 2nd death so well within the 2yrs.

Transferable Nil Rate Band

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free