What are the implications for IHT if a husband and wife owned a property as tenants in common with a Form A restriction and mirror wills. Upon first dying their beneficial half share of property was left to the children, however the husband continued to live in the property.
Is my understanding correct that HMRC will deem the whole house as part of the husbands estate, as no children moved in to the residence and no market rent was paid to the children. With the Nil rate band from the first death lost/ un transferable, as it was used upon gift to said children.
No explicit trust or post death interest was mentioned in either will.
Thanks for any insights.