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Inheritance Tax - Trouble Calculating the Correct Threshold
Hi All,
I have tried searching this forum and have been on the gov.uk website but can't seem to definitively answer my query so I'm really hoping someone on here can confirm for me:
My grandmother died this year (tax year 21/22) and I am 1 of 2 executors for her estate. We have almost completed the valuation of the estate but I am struggling to confirm what her inheritance tax threshold should be. The details are as follows:
- My grandmothers only home has been left to myself and my sister so, as her grandchildren, I believe that allows an additional £175k for the residence nil-rate band giving a total of £500k (the total estate value is nowhere near £2million)
- However my grandfather died in 1984 and left all of his estate to my grandmother, so does any of his nil-rate & residence nil-rate transfer, or is 1984 too far back? If it does transfer what is the value/%?
I did ring the HMRC Inheritance Tax helpline but they weren't very helpful and said all my questions would result in advice which they couldn't give (perhaps I need to think more carefully about my phraseology)!
Any help much appreciated.
I have tried searching this forum and have been on the gov.uk website but can't seem to definitively answer my query so I'm really hoping someone on here can confirm for me:
My grandmother died this year (tax year 21/22) and I am 1 of 2 executors for her estate. We have almost completed the valuation of the estate but I am struggling to confirm what her inheritance tax threshold should be. The details are as follows:
- My grandmothers only home has been left to myself and my sister so, as her grandchildren, I believe that allows an additional £175k for the residence nil-rate band giving a total of £500k (the total estate value is nowhere near £2million)
- However my grandfather died in 1984 and left all of his estate to my grandmother, so does any of his nil-rate & residence nil-rate transfer, or is 1984 too far back? If it does transfer what is the value/%?
I did ring the HMRC Inheritance Tax helpline but they weren't very helpful and said all my questions would result in advice which they couldn't give (perhaps I need to think more carefully about my phraseology)!
Any help much appreciated.
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