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Where Taxpayers and Advisers Meet
IHT liability
-
George22222
- Posts:7
- Joined:Sat Sep 29, 2018 1:02 pm
My wife and I own our house as tenants in common. I own four fifths, she owns one fifth. The house is worth about £385,000. I have savings and other assets of about £220,000. We have no mortgage or other debts. We have no joint accounts. I would like to make a will leaving my share of the house to my wife, and my savings and assets to my sister. Would my estate be liable for inheritance tax and what is the calculation to show this? By the way, I'm not as callous as I might sound. My wife is seriously ill and unlikely to survive me. This is an "in case I fall under a bus" type will.
Re: IHT liability
No, everything to your wife is exempt from IHT and you can leave £325,000 to other people tax free using your nil rate band.
Return to “Inheritance Tax, IHT, Trusts & Estates, Capital Taxes”