IHT and Selling House Now

[Marshy36]

Bought joint tenancy property with Dad in 2005. He lived in it for a number of years before renting it out so £175k nil residence band thing would apply. His share of the property is £110k.

I Understand CGT implications but on IHT: if he sold it now and gave me the proceeds is that ok as on death he would be nowhere near his IHT threshold anyway based on value of rest of his estate. So no real implications if dying within next seven years?

[Pezza54]

Hi
You should ask this question in November, after the next budget
There is much speculation about changes to IHT and the removal of the RNRB

[Marshy36]

Yep. It was just more on current rules I was interested

[Pezza54]

Shouldn't be a problem under current rules. Your father's estate would still benefit from RNRB under the downsiizing allowance (a complicated calculation)