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Bill died on 25.2.24. His chargeable estate includes:
Main residence left to his son £150,000
Other £400,000
Total £550,000
RNRB (£175,000)
NRB (£325,000)
Excess £50,000
IHT 40% = £20,000I wonder that can the RNRB be deducted against other property or just the main residence? As in the textbook, the value of main residence passing to direct descendents, if less than the maximum RNRB, can be passed to the surviving spouse/civil partner. In this case £25,000 of his RNRB can be passed to his wife and the IHT payable on his death estate is £20,000?
Can you please confirm whether this is correct?
Sorry, I have made a mistake with IHT payable which should’ve been 150,000 + 400,000 – 150,000 – 325,000 = 75,000 x 40% = 30,000. The amount transferred to his wife is still 25,000
Please help me confirming this.
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