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Where Taxpayers and Advisers Meet

Inheritance tax threshold (widowed)

03powell
Posts:1
Joined:Fri Oct 26, 2018 9:05 pm
Inheritance tax threshold (widowed)

Postby 03powell » Fri Oct 26, 2018 9:16 pm

Hi all

Really appreciate any info I can be given on the below as I’m concerned I’m geting the incorrect information from my solicitor:

A great aunt has died, she was widowed in 1990 and her husband used none of his allowance when he passed as all his estate was passed to her.

Does this mean my great aunts threshold is 650000 or as my solicitor suggested 325000 + threshold at the time of her husbands death (£115000).

I have my opinion on this..... but would appreciate some guidance

Thanks all

H

Lee Young
Posts:2707
Joined:Wed Aug 06, 2008 3:26 pm
Contact:

Re: Inheritance tax threshold (widowed)

Postby Lee Young » Sat Oct 27, 2018 8:16 pm

If everything passed from husband to wife on first death and there was no part of the nil rate band used on first death, then on the second death the estate will benefit from two nil rate bands, therefore £650,000.

Sadly for my profession therefore, the solicitor is wrong!
Lee Young
Solicitor, Chartered Tax Adviser and Trust and Estate Practitioner


Partner, Frettens LLP
lyoung@frettens.co.uk
01202 491701

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

Re: Inheritance tax threshold (widowed)

Postby AGoodman » Tue Oct 30, 2018 7:02 pm

If she left a home or proceeds of a recent sale to any descendants (not a great nephew), the additional nil rate band may also apply, increasing the NRB to a maximum £900k. That depends on a lot of factors, which I can't list here.


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