help/advice on IHT would be great...

My father died 2021, his spouse died 8 mths later, i only found out last week via step sister, she is applying to be executor of will, but there is no will, and i am going to ascertain how the land lies via solicitor. If it is beyond doubt there is no will i want to apply for Letters of Administration this require filling out form PA1A (no will) , a big part of this form is IHT related. I have a few questions about this if someone can give some direction that would be great. the only asset is a house, empty for 2.5 years, and valued at 630k I can claim 325k tax free plus additional 125 for being child of deceased i believe that still leaves a sum of gain that will not be realised until asset is sold. in order to obtain Letters of Admin from the forms it seem i have to pay the money now despit not selling the asset . is there a way of deferring this as i am retired but looking after my elderly mother with no income? All the sums on the form are written down but are not fact, as in i do not exactly know the sums i may recieve as details re Dad are sketchy, he may have re mortgaged etc.....if i over estimate iht would the lesser correct sum be taken and monies returned? the sums involved are house value 625k , i believe i get 325k free and additional 175k being son, giving total 500k does that seem correct?? thanks in advance , trying to do the right thing s

Hi,

For advice on this matter, you will need to contact our Inheritance Tax team.

Inheritance Tax: general enquiries

Thank you.

Hi I hope all are well. I have a question please. There is talk about the Nil rate band going and other certain exemptions being reduced or again being reduced etc in the coming budget this year by Chancellor Reeves. If someone had done some IHT planning before these new rules come in (spanning over say 3 years) will they be bound by the new rules in the budget or the old rules they had? Thank you

Hi,
Please contact the Inheritance Tax team for advice.
Inheritance Tax: general enquiries
Thank you.