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Moneymail Quiz 26 Dec
2 Answers
2 How much can a husband, wife or a civil partner now leave before having to pay inheritance tax?
a �300,000 b �600,000 c �1 million d Nothing
I think the question has been simplified too much and the answer could be a, b or c depending on circumstances.
Does anyone have any thoughts?
a �300,000 b �600,000 c �1 million d Nothing
I think the question has been simplified too much and the answer could be a, b or c depending on circumstances.
Does anyone have any thoughts?
Answers
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Because I believe payments from an estate to partners are exempt from inheritance tax, my point is that the amount I can leave before tax is payable is �300,000 plus whatever my spouse /partner inherits. So if my partner receives nothing, the answer to the question is (a) �300,000. If my partner receives �300,000 the answer is (b) �600,000 and likewise if my partner inherits �700,000 the answer is (c) �1 million.
On the other hand if the question refers to the second death, the value of the estate free of inheritance tax is �300,000 plus that part or proportion of the unused allowance on the first death which could raise the limit as high as �600,000.
Because I believe payments from an estate to partners are exempt from inheritance tax, my point is that the amount I can leave before tax is payable is �300,000 plus whatever my spouse /partner inherits. So if my partner receives nothing, the answer to the question is (a) �300,000. If my partner receives �300,000 the answer is (b) �600,000 and likewise if my partner inherits �700,000 the answer is (c) �1 million.
On the other hand if the question refers to the second death, the value of the estate free of inheritance tax is �300,000 plus that part or proportion of the unused allowance on the first death which could raise the limit as high as �600,000.
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