IHT question

[IJWS15]

Seem to remember this from when the OH's mother died.

If one parent dies and leaves everything to the other (married of course) it is IHT exempt

When the second parent dies do they have both IHT allowances available for what is now the combined estate or do they only have one persons allowance?

[anonymous-user]

Both, assuming a recent first death.

[IJWS15]

Thanks, both still alive.

They are starting to think beyond the annual gift allowance. Both are 90 +/- 3 and it should be easier to manage with two allowances to play with.

[mfmman]

Rufus Stone said:

Both, assuming a recent first death.

Could you expand on the 'recent first death' bit please. Wasn't aware of this

[anonymous-user]

mfmman said:

Could you expand on the 'recent first death' bit please. Wasn't aware of this

Sorry my bad. I thought that first death had to be after 2007 but apparently not.

[mfmman]

Rufus Stone said:

mfmman said:

Could you expand on the 'recent first death' bit please. Wasn't aware of this

Sorry my bad. I thought that first death had to be after 2007 but apparently not.

Thanks