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inheritence tax

hoskins
Posts: 59 Forumite
if a husband or wife die, does the spouse pay inheritence tax
0
Comments
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As far as i am aware, and i am not an expert on IT, but if you leave your estate to your wife/husband then no inheritance tax is due.
But when your husband/wife dies and they then leave it to children/relative etc... that is when IT is due to be paid.
There are ways round this, so if you would be liable for IT then find a good solicitor for your will. Cos when you die you could leave the house to your kids (if lower than inheritahnce tax band) then your wife/husband could live in it rent free until she goes (children as a landlord in effect) and then you wouldnt have to pay IT.
Hope That Helps,0 -
Divadee's correct - legacies between married parties are exempt.
However you *do* need legal advice on the ploys to leave the house to children to avoid inheritance tax....to be able to leave it to the kids rather than your spouse, the property has to be held as tennants in common rather than joint tenancy. Also, I recall that it's not as simple as leaving it straight to your kids as that ends up with all sorts of mess about getting a "benefit without reservation" - believe that there needs to be a fancy trust set up to comply with the finer points of taxation law.I really must stop loafing and get back to work...0
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