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Inheritance/cgt
lookin4arnserz
Posts: 7 Forumite
in Cutting tax
ADVICE NEEDED PLEASE
A long married couple have 2 grown up sons and they've made mirror wills leaving everything to the other spouse. The first spouse dies without making any gifts in their lifetime, everything from their estate passed to the surviving spouse with no IT to pay (current threshold £325000)
On the death of the second surviving spouse their total estate is worth £500000. On this second death, the IT Threshold doubles to £650000. Am I right in thinking their estate (2 sons) will have no IT to pay ?
Also, as they've each inherited £250000, is this money classed as a Capital Gain liable for CGT by HMRC, or is this money exempt as it came from a will ?
Many thanks in advance
A long married couple have 2 grown up sons and they've made mirror wills leaving everything to the other spouse. The first spouse dies without making any gifts in their lifetime, everything from their estate passed to the surviving spouse with no IT to pay (current threshold £325000)
On the death of the second surviving spouse their total estate is worth £500000. On this second death, the IT Threshold doubles to £650000. Am I right in thinking their estate (2 sons) will have no IT to pay ?
Also, as they've each inherited £250000, is this money classed as a Capital Gain liable for CGT by HMRC, or is this money exempt as it came from a will ?
Many thanks in advance
0
Comments
-
if the estate is less than 650,000 then there is no IHT to pay
and capital gain tax has nothing to do with the situation0
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