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A man died on 4 May 2023. He left his entire estate to his nephew. He was a bachelor and did not make any lifetime gifts. His estate comprised a house free of mortgage worth £175,000 which he had lived in for over 20 years and bank and building society accounts with balances totalling £550,000. He also owned a house worth £170,000 free of mortgage which he inherited from his aunt and which has been rented out to tenants for the last 30 years. The man’s debts and funeral expenses totalled £9,000.
In the 2023/24 tax year the nil rate band is £325,000 and the main residence nil rate band is £175,000.
How much Inheritance Tax will be payable on the man’s estate?
A. £354,400
B. £224,400
C. £154,400
D. £152,000
E. £84,400
B - £224,400
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