The Lemon Fool

The following was in an article on the internet, by a wealth management company, which I happened on today:

" It also doesn’t matter when the first spouse died or even if they owned a property at all. The first spouse may have died many years before the introduction of the RNRB and the property held in the sole name of the survivor. Even so, there will still be allowance which can be transferred to the surviving spouse."

Is this correct? I thought that the spouse had to have died after the allowance was introduced and owned or part owned the house at some point. Makes no odds to me as mine died after it was introduced but am just curious.

Definitely correct with regards date. My mother died in 2006 and was given a residential nil rate band to put against my parents property when my father died.
Not sure about the ownership question though.

Many thanks.

Bouleversee wrote:The following was in an article on the internet, by a wealth management company, which I happened on today:

" It also doesn’t matter when the first spouse died or even if they owned a property at all. The first spouse may have died many years before the introduction of the RNRB and the property held in the sole name of the survivor. Even so, there will still be allowance which can be transferred to the surviving spouse."

Is this correct? I thought that the spouse had to have died after the allowance was introduced and owned or part owned the house at some point. Makes no odds to me as mine died after it was introduced but am just curious.

I can confirm that this exemption is irrespective of when the first death occurred or whether they owned the residential property at their death.
Don't forget that this residence nil-rate allowance is tapered away if the second-to-die's estate exceeds £2 million.

Yes, that's what is worrying me and need to do something about urgently but not sure what.