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Inheritance Tax

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kanwal3017 | 11:36 Sun 03rd Dec 2023 | Business & Finance
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Both my parents have passed away recently. What is the iht threshold once both parents pass away



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They each have £325,000 in personal allowance (as long as no taxable gifts were made in the 7 years prior to death) - this is the nil rate band.  In addition if they owned a property which is left to their direct descendants, each have a further £175,000 (the residence nil rate band) - depending on value of property.  So potentially there is a £1m of exemptions before IHT is payable.  This is in very general terms though and you should take specific advice.

Is there are danger that one could inherit from the other, then there is only one allowance?

If that happens, Hopkirk, and assuming they are married, the unused nil rate band of the first to die can be transferred to the second to die.

That's good 

thx barmaid

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