Hi after some clarification please
Dad passed away in 2015 property/investments passed to Mum. I understand that dad's nil rate band of 325k and 175k inherited residence band is passed on to mum, so does this mean mum would have to have over a million pounds in assets before being subject to IHT? Also if we sell mum's flat and put the proceeds into her savings, does mum lose an allowance the main residence nil rate band? Think what I am trying to say is it better to keep the flat or sell? Mum is fortunate to have good amount of savings, self funds and the sale proceeds would gain more interest than a flat sitting empty for several months now, just ensure how much she can have in assets before IHT. Many thanks
Dad passed away in 2015 property/investments passed to Mum. I understand that dad's nil rate band of 325k and 175k inherited residence band is passed on to mum, so does this mean mum would have to have over a million pounds in assets before being subject to IHT? Also if we sell mum's flat and put the proceeds into her savings, does mum lose an allowance the main residence nil rate band? Think what I am trying to say is it better to keep the flat or sell? Mum is fortunate to have good amount of savings, self funds and the sale proceeds would gain more interest than a flat sitting empty for several months now, just ensure how much she can have in assets before IHT. Many thanks