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Where Taxpayers and Advisers Meet

IHt on personal and business property

Tingly
Posts:34
Joined:Fri Mar 17, 2017 12:12 am
IHt on personal and business property

Postby Tingly » Fri Nov 19, 2021 1:07 pm

Good morning

I am trying to figure out what iht might be payable if i leave my entire estate to my spouse ,even if its comprised of rental property and property held in a limited company

Me and my spouse live in and own a house (joint tenants) worth about 750k

We now have a rental property (joint tenants) worth about 100k

Joint bank account 120k

In my own name i have
Rental worth 420k
a rental of 100k held in a ltd company


So, if i leave the lot to my spouse, do they pay iht?

Thanks

AGoodman
Posts:1419
Joined:Fri May 16, 2014 3:47 pm

Re: IHt on personal and business property

Postby AGoodman » Fri Nov 19, 2021 6:26 pm

All legacies to a spouse are exempt from inheritance tax

(there is a slight exception to this for international couples but I'm guessing it is not a factor here).


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