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Inheritance tax & where to save
brian01
Posts: 38 Forumite
about 18 months ago a member of our family died his estate after probate was £233,000.00 this was made up of a house and building land with out planning permission.
we have just got planning permission on the land and the value of the estate has now increased to £500,000.00 do we have to pay inheritance tax on this if so is it on the whole amout or just a portion the estate when sold is to be devide between myself and my sister, if we have to pay tax do we get a tax free allowance for each of us or one please help and we do not understand any of it.
once we have then recieved to money where would be the best place to invest it or save it as we would want it to be a safe investment not somthing that was ricky
we have just got planning permission on the land and the value of the estate has now increased to £500,000.00 do we have to pay inheritance tax on this if so is it on the whole amout or just a portion the estate when sold is to be devide between myself and my sister, if we have to pay tax do we get a tax free allowance for each of us or one please help and we do not understand any of it.
once we have then recieved to money where would be the best place to invest it or save it as we would want it to be a safe investment not somthing that was ricky
0
Comments
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Interesting one. If the estate was settled and the funds dispersed then there would be no further IHT liability. If the estate wasnt settled, then I would expect IHT to apply on the higher amount. However, it really depends on what the executer has done with it all and when. Your best bet is to go them and ask.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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