• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    Please do not post your full name, reference numbers or any identifiable details on the forum.

Inheritance tax threshold

  • Filter
  • Time
  • Show
Clear All
new posts

  • 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.


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


      View our Terms and Conditions

      LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

      If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.

      If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.