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Inheritance tax threshold

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  • Inheritance tax threshold

    Hi everyone.

    As I said in a recent post, my father's just died, he's left his estate 50/50 to myself and his brother. He has a main residence (at a conservative estimate worth about 700K) and a house he rents out (about 300K), plus whatever cash he has (no idea at the moment).

    We'll be using a solicitor.
    My main question here, is, I know the IHT threshold is 325K, which rises to 500K(?) when the main residence is passed to a child.

    With the whole estate being passed on 50/50, how would this work - would the 500K threshold kick in as I'm his son?
    Tags: None

  • #2
    If you inherit a half share of a house worth c700k from parent, then RNRB of 175k is likely available and total IHT allowance is then potentially 500k (this assumes that there is no predeceasing spouse). However RNRB can be reduced if the estate exceeds 2 million.

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    • #3
      Thanks, sederunt - that's very clear.

      Comment

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