Donate SIGN UP

Inheritance tax ?

Avatar Image
chas2008 | 13:18 Tue 22nd Sep 2009 | Law
2 Answers
if someone had to pay £150,000 inheritance tax what would be the overall value of what was left to them ??
Gravatar

Answers

1 to 2 of 2rss feed

Best Answer

No best answer has yet been selected by chas2008. Once a best answer has been selected, it will be shown here.

For more on marking an answer as the "Best Answer", please visit our FAQ.
-- answer removed --
Potentially nothing - it's the executor of the estate who has to pay the tax (out of estate funds), not the recipient. He still has to pay the tax even if he'd left nothing.

If we forget quibbling about the details of who pays, £150,000 is the tax on £350,000 - but that £350,000 is additional to the nil rate band of the deceased, and we don't actually know what that was - depends on his circumstances, but the overall value could be over £1m. It could also depend on what other bequests were made - there's no one simple answer.

1 to 2 of 2rss feed

Do you know the answer?

Inheritance tax ?

Answer Question >>