Inheritance Tax Question?

[Bobbyboy]

I believe that you do not pay IHT on the first £325,000 of your estate (all your assets, including property, added up

Adding up all my assets I have approx 550K, £330 of that being the house, I am led to believe that if I leave the house to my son I would not have any tax to pay.
As I have two sons would the above still apply if I left the house to them both, then they can sell it if they wish and share the proceeds?

[Bill e]

How Inheritance Tax works: thresholds, rules and allowances: Overview - GOV.UK (www.gov.uk)
For not much money you could appoint an expert to do your will and probably pay no IHT.

An expert will be along soon and advise you better.

[Pezza54]

I am by no means a tax expert
Under present IHT rules in England, £325k nil rate band plus £175k residence nil rate band (property worth over £175k and left to direct descendants) making a total £500k nrb
So you would pay 40% IHT on £50k
The £500k nrb may increase if there was a deceased spouse who lived at the property
On the other hand it may decrease if the deceased made gifts over the annual gift allowance in the 7 years before the date of death

Ask the same question again in November, after the budget at the end of October

[Bobbyboy]

Has the Budget made any difference?

[Pezza54]

Surprisingly no