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Original poster

Inheritance Tax

4 replies

system2319 · 21/03/2022 12:22

Hi all, so confused at looking at Inheritance Tax...
Mother passed away in 2009. Father now passed.
Father's property was sold to fund care home fees at the time.

The 'will' advises all to go to myself and sibling (there is money left).
No gifts given, just £50.00 for a Birthday.
At what amount does Inheritance Tax kick in?
Thank you all.

OP posts:

alwayswrighty · 21/03/2022 12:27

Cash only 650k. If residential property involved £1mil

Worried74 · 21/03/2022 13:34

"How Inheritance Tax works: thresholds, rules and allowances: Overview - GOV.UK" www.gov.uk/inheritance-tax

Original poster

system2319 · 21/03/2022 13:57

Thank you for your replies.
Just think I need to establish if the 'Inheritance Tax nil rate band' of 350K would apply as the house was sold before death, however, the house funds have not been touched.

OP posts:

summertime94 · 21/03/2022 14:15

The residence nil rate band would be applied first. You can claim the downsizing addition if the home was sold after July 2015.