I am preparing my first Inheritance Tax return in which I am potentially claiming a transferable residence nil rate band and am uncomfortable with completing form IHT435. I can follow the steps through to question 14 where I note the available TRNRB and ignore the downsizing provisions. The final question, 25, instructs me to use the online calculator to give the total RNRB available.
If I do this in a case where the second estate is over £3 million then both the RNRB and TRNRB are tapered to zero. I want to be sure that this result is correct but can find no discussion of tapering of the TRNRB in relation to the value of the second estate.
Are contributors happy that the calculator accurately reflects the correct IHT position?