s there anyone out there who knows about inheritance tax.Me and my wife were sitting down and trying to sort out our affairs and put them into some sort of order then inheritance tax was mentioned.I read somewhere that this tax is paid on the balance of anything over £325,000.I then found this while looking on Google.
here are some exemptions to Inheritance Tax. For example, if you leave all your estate to your husband, wife or civil partner, then no Inheritance Tax will be payable, but it must be the entire estate left to them. When a spouse or civil partner dies, any unused part of their £325,000 nil-rate band can be passed on to their surviving partner.
As we are both leaving everything house and savings to the other half does that mean that inheritance tax will not affect us.Would appreciate any advice given.
I agree with you but thought there would be no harm in asking as someone out there may have had this problem themselves.
Just found this on Google
An estate is exempt from Inheritance Tax if the deceased left everything to their husband, wife or civil partner, who lives permanently in the UK.
Which is pretty similar to the other advice I saw.Also read that if the value of the estate is say £300,000 which is £25,000 below the limit that £25,000 can be given to the surviving partner to increase her allowance to £350,000.Anyway thanks for your reply
If you have an 'Aged' support group in your area, then there might be a possibility of them having access to an advisor.
My local 'Aged' support group have a retired bank manager who specialised in pensions and the like, and his information was free. But be warned, a person like this might not be right up to scratch with the latest regulations and angles, but no doubt it still might be worth a visit!.