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Where Taxpayers and Advisers Meet

IHT help

ian2007
Posts:15
Joined:Wed Aug 06, 2008 3:53 pm
IHT help

Postby ian2007 » Thu Jan 17, 2019 8:31 am

Hi

My mother passed away last November 2018. My father is 85 and not in great condition. The family home is worth 750K and his savings are 40K. There are four siblings and I hold a power of attorney on his financial and welfare.

Can someone kindly help me to calculate how much tax we may have to pay if he dies before April or after this year and if there is anything we can do to reduce any potential bill.

Thanks for your help
Ian

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: IHT help

Postby AGoodman » Thu Jan 17, 2019 5:31 pm

Assuming no significant gifts in the last seven years, no other significant assets and your father leaves his house to the children - none.

Your parents collectively have/had 2 nil rate bands (£650,000) and 2 additional rate bands (£250,000) - £900,000 in total. This increases to £950k after 5 April.

ian2007
Posts:15
Joined:Wed Aug 06, 2008 3:53 pm

Re: IHT help

Postby ian2007 » Fri Jan 18, 2019 7:08 am

Great thank you, appreciate the response.


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