Inheritance tax threshold

[Windymiller]

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?

[sederunt]

If you inherit a half share of a house worth c£700k 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.

[Windymiller]

Thanks, sederunt - that's very clear.