Another IHT question

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Apologies if these are "noon" questions - I'm aware that I can leave my main house up to the value of £175k plus £325k in other assets. My questions are around what assets can I leave using the £325k "pot"?

For example assuming I have no cash but I have 3 BTLs all worth £100k each. can these be left IHT free? or, if I have no other assets but my main residence is worth £500k. Can this be passed on completely IHT free using the £175k plus the £325k allowances? Or if the maximum main house allowance limited to £175k ?

[PM3]

Try this....

You can leave everything to your wife / Husband . Zero rate. Your spouse will also Inherit your passed on allowance of said Home

You can leave your Home to your Children or grandchildren up to value of 500K ( comprising of thee value of your normal "estate" value of 325K plus an allowance of 175K ) a 500K house for example means you have used up all your allowance , anything over and above taxable

You can leave to anyone your Assets ( any money , property, shares etc anything of financial value ) up to 325K before tax kicks in


The BTL thing, they are simply assets of value in your "estate " at death and part of your 325K allowance ( if not already used up in passing on main home )

Remember the 175K allowance is only available for leaving main home to children and grand children

https://www.gov.uk/inheritance-tax

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Perfect - thank you!

[PM3]

Countdown said:

Perfect - thank you!

PLEASE read the HMRC site and cross check. Its not over involved tbf

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PM3 said:

PLEASE read the HMRC site and cross check. Its not over involved tbf

Will do

[Jockman]

PM3 said:

Try this....

Remember the 175K allowance is only available for leaving main home to children and grand children

https://www.gov.uk/inheritance-tax

You also start losing that allowance on a taper if your estate is over £2m.

Start Gifting and live for 7 years……..

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Jockman said:

You also start losing that allowance on a taper if your estate is over £2m.

Start Gifting and live for 7 years……..

Sadly not an issue at the moment