Will we be required to pay inheritance Tax

  ponytail 09:27 02 Dec 2015
Locked

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.

  Gordon Freeman 09:33 02 Dec 2015

I think, maybe, you need to speak to a professional, not a bunch of random people on an internet forum...

  Forum Editor 09:38 02 Dec 2015

Gordon Freeman is absolutely right. Nobody here is qualified to advise you properly on this subject. Speak to an accountant.

  ponytail 09:39 02 Dec 2015

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

  bumpkin 09:55 02 Dec 2015

I think the limit was raised to £500,000 in the budget but as suggested professional advice is best when large sums involved.

  spuds 10:13 02 Dec 2015

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!.

  oresome 10:27 02 Dec 2015

Unfortunately you can only plan for the rules as they are today.

Chancellors have a nasty habit of changing the rules to help balance their books or plug loopholes.

Any tax planning will need updating on a regular basis.

  ponytail 10:48 02 Dec 2015

I dont think the £500,000 threshold comes into effect untill 2017 although might be wrong.Maybe my local citizens advice Bureau might be able give some advice.

  ponytail 10:51 02 Dec 2015

Have just found this on Google it is from the Age UK Site.

click here

  Aitchbee 10:51 02 Dec 2015

Check out this website.

click here

  wee eddie 11:00 02 Dec 2015

The Value of your Property, taken as part of your Estate, is taken at the date of your death.

AS the others have said. Get legal advice, an incorrect word or phrase, could be critical.

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