Skip to main content

Inheritance Tax after one parent dies

How one of your parents dying impacts Inheritance Tax and what you receive from the surviving parent;

Provided everything was left to the spouse on first death the survivor will have 2 NRBs (Nil Rate Band £325,000) at the time of his death.

For the RNRB (Residential Nil Rate Band) provided the main residence is being left to direct descendants, the surviving spouse will qualify for his partner's RNRB as it was not available to use when they died so they cannot have used it themselves.

On the death of surviving parent they will qualify for 2 X RNRB at the time so on death post 6th April 2020 they will have £350,000 (2 x £175,000). The amount is available for the RNRB is the lower of the available RNRB's or the value of the property at time of death.

FOR INVESTMENT ADVICE REGARDING YOUR PENSION OR OTHER INVESTMENTS PLEASE CONTACT Elliott Wilson ACSI DipPFS AF3

 

While we keep information on the website as up to date and as accurate as possible, the information on this website does not form part of our advice process. Cambridge Pensions Ltd cannot accept any liability for any decisions made by a client or member of the general public based on any information contained on this website. The value of your investments can go down as well as up and you may get back less than has been paid in.

Return to index