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double it for a couple
Is that really what happens? but once one half of the couple dies, you're left with one person, so shouldn't it just be the same limits for inheriting from that one person? It doesn't matter that they were once married. (I'm not disupting, just seems weird. Adding together works if they both die at the same time. I supposed there could be a certain time buffer like if they died in the same month or something... could get complicated.)
hoefla-
I agree, seems nuts.
The tax system is full of weird shit like this.
A couple can both earn £49,999 and get child benefit, a family with one working parent earning £50,000 doesn’t.
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This is a specific allowance for a parent leaving a house to a son/daughter.
Either they leave it (or a proportion of it) to children and use the £500k allowance or they leave the property to their spouse (which doesn't trigger IHT) and that allowance also gets passed to the spouse in addition to theirs.
Without passing it on you'd just get a £500k proportion of the property being left to children on the death of the first parent.
Hefty
aggi
The £500k (strictly £175k house, £325k anything) house thing is newish, 2017 I think. £325k sounds ok, £500k a bit high, then you double it for a couple and it’s nuts.