Crosswords1 min ago
daily mail �25,000 financial quiz
2 Answers
Inheritance tax was reformed in the pre-budget report in October.How much can a husband,wife or a civil partner now leave before having to pay it?
a. �300,000
b. �600,000
c. �1 million
d. nothing
a. �300,000
b. �600,000
c. �1 million
d. nothing
Answers
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For more on marking an answer as the "Best Answer", please visit our FAQ.This is a badly worded question. If they mean a surviving husband, etc., the answer is probably �600,000, but it depends on whether the first deceased husband etc. left everything to their surviving partner or took the precaution of putting �300,000 into a nil rate band trust. If the latter is the case, the answer is �300,000, I think
Or if the husband etc. was the first to die and left everything to their partner, I assume there would be no IHT to pay. As this is not given as a choice I suppose one would have to opt for �1000,000, though I don't personally know of any limit. This question has been asked already, and one answer given goes into that question much more fully than I can.