Quizzes & Puzzles1 min ago
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They each have £325,000 in personal allowance (as long as no taxable gifts were made in the 7 years prior to death) - this is the nil rate band. In addition if they owned a property which is left to their direct descendants, each have a further £175,000 (the residence nil rate band) - depending on value of property. So potentially there is a £1m of exemptions before IHT is payable. This is in very general terms though and you should take specific advice.