Inheritance Tax

[MrsSchadenfreude]

I am gathering together all of the various pots of money that my mother had, scattered in various accounts and ISAs, and I’ve had conflicting advice about inheritance tax.

My Dad died in 1999 and didn’t use any of his IHT allowance - my Mum was clear on this, and that it could be rolled over to when she died this year. So would this be 2 x £325K, or would it be £325K from my Mum, plus whatever the going rate was in 1999?

Second question, as my Mum left me her house, I understand that this raises the IHT threshold by £175K. Do I get 2 x £175K on just the one?

I’ve tried using the gov.uk reckoned and it doesn’t recognise the roll over of IHT. It’s given my two different amounts of IHT dues, and MSE has given me a different rate as well!

Can anyone help please?

It would be 2 x £325k. You always use the tax allowance at the time of the second death.

You get 2 x £175k provided the property is worth that much.

@prh47bridge thank you - that’s what I hoped/thought. We should just skim under the IHT threshold then.