IHT Question - When was NRB introduced
Discussion
Hi
I am wondering if NRB can be applied to my recent inheritance.
My Mother and Father bought their home in 1973. My Mother died in 1977. My Father and his brother continued to live in the property.
In 2008 the house was split 3 ways with equal share between my Father, Uncle and myself. He did not pay us rent.
My Father recently passed in July 2017. Therefore, my Uncle and myself have inherited my fathers share and are now 50% equal owners.
The house is worth approx 400k. Minimal savings of around 5k
Was there a date when NRB was introduced? Does the estate qualify for the 650k IHT allowance?
I am wondering if NRB can be applied to my recent inheritance.
My Mother and Father bought their home in 1973. My Mother died in 1977. My Father and his brother continued to live in the property.
In 2008 the house was split 3 ways with equal share between my Father, Uncle and myself. He did not pay us rent.
My Father recently passed in July 2017. Therefore, my Uncle and myself have inherited my fathers share and are now 50% equal owners.
The house is worth approx 400k. Minimal savings of around 5k
Was there a date when NRB was introduced? Does the estate qualify for the 650k IHT allowance?
Assuming your mum didn’t use her allowance and left all to hubby, he can double up his current allowance. And use the additional allowance for property. Which is handy as the conditional gift of the property may not wash with hmrc (conditions being he lives there rent free). Doesn’t matter as whole house is under the band (assuming no other assets)
Assuming your mum didn’t use her allowance and left all to hubby, he can double up his current allowance. And use the additional allowance for property. Which is handy as the conditional gift of the property may not wash with hmrc (conditions being he lives there rent free). Doesn’t matter as whole house is under the band (assuming no other assets)
Tiggsy said:
Assuming your mum didn’t use her allowance and left all to hubby, he can double up his current allowance. And use the additional allowance for property. Which is handy as the conditional gift of the property may not wash with hmrc (conditions being he lives there rent free). Doesn’t matter as whole house is under the band (assuming no other assets)
My problem, its so long ago when my mum died that i don't have any actual proof that they bought the house together. How would i go about proving this.From what i've read on the gov website in this link my uncle should be okay if the above cannot be proved as he stayed living there from after the date a shore of the property was transfered:
HMRC said:
You don’t have to pay rent to the new owners if both the following apply:
you only give away part of your property
the new owners also live at the property
you only give away part of your property
the new owners also live at the property
Her Will should show what she left and to whom. Assuming the house was jointly owned by your mother and father. You also have the new residential allowance, currently K100 each. So your fathers nill rate band of K325 plus his and her residential allowance of K100 each means no IHT on an estate worth K525. So going by the figures you have mentioned, no IHT to pay on your fathers estate.
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