Inheritance tax transfer

[Notsureinlife]

In relation to inheritance tax following death of parents I'm aware the first parents allowance can be transferred to second parents, meaning on their death the allowance can be upto £650,000.

The house transfered to the surviving spouse but I have no idea of the value of any investments etc. There were no other beneficial of the first will.

When registering with hmrc to take over the allowance what figure do I use. I'm confident it was under 325000 but how do I prove it.

Did the first will give everything to the surviving spouse?
If so then surely you don't need to worry and just go with the £650k figure.
(Though is there a family home, allowances are higher iirc).

If the surviving spouse inherited everything then there was no IHT liability when parent 1 sadly died. As it currently stands (could be changed in the budget) when the surviving spouse sadly dies they get both allowances.

The IHT for parent 2 is as follows

• Parent 2 £325k NRB
• Parent 1’s unused £325k NRB
• Parent 2 up to £175k RNRB provided the property is worth at least £175k and they leave some of their inheritance to their child/children or grandchildren.
• Patent 1 up to £175 RNRB provided property is worth at least £350k and again they leave some of their inheritance to child/children or grandchildren.

Are you talking about completing an IHT400 form for the death of a surviving spouse?

For transferring the unused nil rate band you tick yes in box 29c and also complete form IHT402 which gives details of the spouse that died first.

If a main residence is being left to children and you want to use the unused residence nil rate band from the first death then you tick yes in box 29b and also complete form IHT436.

If you wish to use the residential nil-rate band for latest death then you tick yes in box 29a and also complete form IHT435