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You each have a tax free element of 325K for Inheritance Tax (IHT) purposes. There is no IHT in respect of inter spousal bequests and the surviving partner can inherit the deceased share. This 650K free is possible. However, progressively 2018 - 2020, where the family home is bequeathed to children the tax free element is being increased to half a million and currently stands at 425K. From this a tax free demise appears likely.
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