Inheritance Tax

[sophie2011]

i need some advice can anyone help

my mum just passed in september we aranged for someone to come out and do her will but she went into hospital the day befor and lost her speach and she didn't leave a will. its my self and my brother. she has 2 properties and a loan she has againsed the one of the properties. her estates is worth around 500.00. brother still lives in the family home.
is the inheritance tax taken out after all her debt have been payed for or before her debt have been payed.

i know that the loan she had taken out isn't the only debt she has .

i just feel like what my mum worked hard for her self and us her kids and 40% is going to be taken away just like that. we dont come from a rich back grownd just a hard working family. it just makes me wonder how many people out there that are or will be in my situation that will get slaped with that 40% tax.

we talk about how wrong it is and they should scrap the inheritance tax. know one fights for what they believe everyone hides and talks and complains about it but nothing is done. we should be more like the french and take a stand . if more inecent families new what it means to work hard for there home and money only for the tax man to take 40% because they didn't put the right things in place before they passed is unfare. its sad

[Lee Young]

Sophie

Was your mum a widow when she died, and if she was did her husband (your father?) leave his estate entirley to her?

[sophie2011]

Lee

no she was not but has been divorced from my dad a long time ago and also was on her own when she passed.

thank you for your reply

[Lee Young]

Inheritance tax is charged on the net estate, ie assets less liabilities. If after taking off her debts her estate is worth less than £325,000 then there will be no inheritance tax to pay,. If the net figure is above this the excess is charged at 40%

[sophie2011]

Thank you for your reply.

[dedalus]

i need some advice can anyone help

my mum just passed in september we aranged for someone to come out and do her will but she went into hospital the day befor and lost her speach and she didn't leave a will. its my self and my brother. she has 2 properties and a loan she has againsed the one of the properties. her estates is worth around 500.00. brother still lives in the family home.
is the inheritance tax taken out after all her debt have been payed for or before her debt have been payed.

i know that the loan she had taken out isn't the only debt she has .

i just feel like what my mum worked hard for her self and us her kids and 40% is going to be taken away just like that. we dont come from a rich back grownd just a hard working family. it just makes me wonder how many people out there that are or will be in my situation that will get slaped with that 40% tax.

we talk about how wrong it is and they should scrap the inheritance tax. know one fights for what they believe everyone hides and talks and complains about it but nothing is done. we should be more like the french and take a stand . if more inecent families new what it means to work hard for there home and money only for the tax man to take 40% because they didn't put the right things in place before they passed is unfare. its sad

Hello Sophie,

I swhare your irritation. It am even more irritated when I think that this money will go to people who have paid and will
never pay anything into the system.

I get even more irritated when I read that HMRC llet off big corporations for millions in tax and the likes of David Cameron
get away with paying inheritance tax thanks to their complex trust schemes they have in place and no one goes chasing them.

[stefani88]

i need some advice can anyone help

my mum just passed in september we aranged for someone to come out and do her will but she went into hospital the day befor and lost her speach and she didn't leave a will. its my self and my brother. she has 2 properties and a loan she has againsed the one of the properties. her estates is worth around 500.00. brother still lives in the family home.
is the inheritance tax taken out after all her debt have been payed for or before her debt have been payed.

i know that the loan she had taken out isn't the only debt she has .

i just feel like what my mum worked hard for her self and us her kids and 40% is going to be taken away just like that. we dont come from a rich back grownd just a hard working family. it just makes me wonder how many people out there that are or will be in my situation that will get slaped with that 40% tax.

we talk about how wrong it is and they should scrap the inheritance tax. know one fights for what they believe everyone hides and talks and complains about it but nothing is done. we should be more like the french and take a stand . if more inecent families new what it means to work hard for there home and money only for the tax man to take 40% because they didn't put the right things in place before they passed is unfare. its sad

Thank you so much for your post.