Hi, I have a couple whose property is worth £2.4 million. They have other cash assets, but not hugely significant.
They’re looking at various ways to be able to access their RNRB.
They’re considering gifting one-third of the property to their children during their lifetime as a PET, thus bringing their combined estates to below £2 mill. Putting aside all the negative tax and other potential problems this creates (also aware of the GWR) - would it mean however that the PRs on the second death could claim two full RNRBs since the combined estate of the second to die would be under £2mill?
This is a theoretical question and not advice by the way!
Thanks, Gill Collins
Warwick Barker LLP