Hi there
I am struggling to work out how inheritance tax should be split between beneficiaries of a will. My uncle has an estate worth £900,000. A property and assets (cars) worth £600,000 which he has left to my sister - she does not intent to sell these as the home has been in the family for years. Then £300,000 cash. The will leaves the cash in proportions to me, my sister and my 4 cousins in different amounts.
I am struggling to work out how the inheritance tax should be paid. I estimate that IHT on the whole estate would be £230k. Would this automatically come out of the cash amount left? And then the remainder (£70k) be split by the percentages stated in the will? Or will my sister inheriting the property and assets be liable for the proportion of IHT on that?
I hope that makes sense!
Thanks in advance for any replies.
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