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Sam, Accountant
Category: Tax
Satisfied Customers: 14645
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I understand that Inheritance tax may be offset by the value

Customer Question

I understand that Inheritance tax may be offset by the value of the the patents property up to £500,000. what is the position if the parents are separated (not divorced) but each owns their own property?Many thanks
Submitted: 10 months ago.
Category: Tax
Expert:  Sam replied 10 months ago.

Hi, Sam here , one of the UK tax Experts here on Just Answer, thank you for your question and I shall reply shortly

Expert:  Sam replied 10 months ago.


Its currently at £425000 £325.000 normal threshold and then £100.00 for property that increases to £500,000 by 2020/2021

The rates will be as follows

Inheritance tax property thresholds

Link here

But this would be for each of your parents who have separate estates (so if they were married and still living together the figures above would be doubled, but as they are no longer living as a married couple and have separate main residences, then each of them get the rates as shown above