date of death or date of change inheri tax

worrypants

Can anyone tell me if the increase in the inheritance tax to £300,000 due in April? will affect a death in November of 2006?

eg Is it the date of death or the date the estate is settled property sold etc


the estate in question/property sale is not likely until about June 2007 so will the tax payable be at the new rate of £300,000 or the old rate of £285,000 as the death occured in November 2006?

any help much appreciated
Thankyou

Bossyboots

It will be the old rate as it is the value of the estate at the date of death that is used for probate purposes.

boborfrank

http://petitions.pm.gov.uk/ihtcrusade/

have you seen this

tom188

not another one...

RayWolfe

It can only get worse!

John_Pierpoint

worrypants wrote:

Can anyone tell me if the increase in the inheritance tax to £300,000 due in April? will affect a death in November of 2006?

eg Is it the date of death or the date the estate is settled property sold etc


the estate in question/property sale is not likely until about June 2007 so will the tax payable be at the new rate of £300,000 or the old rate of £285,000 as the death occured in November 2006?

any help much appreciated
Thankyou

Depending on how many of you are inheriting the property, it is worth your while splitting the value between IHT & CGT. You then get some of it covered by the 285K IHT zero rate band and some of it covered by the CGT annual allowance of each of the beneficiaries.

see this link and beware the Scots woman might be doing your area too.

http://forums.moneysavingexpert.com/showthread.html?t=378254

http://forums.moneysavingexpert.com/showthread.html?t=377625