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Trying to understand inheritance tax
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jill36_2
Posts: 909 Forumite
As my title says......... I have found this info on the internet.
Married couples or civil partners can transfer the element of their Inheritance Tax free allowance which they did not use to their spouse when they die. If, for example, the value of the Estate is less than the combined allowances of the spouses, currently £650,000 there would be no tax to pay.
My dad died in 2005, would mum's allowance now be £650,00 not £325,00.
Jill
Married couples or civil partners can transfer the element of their Inheritance Tax free allowance which they did not use to their spouse when they die. If, for example, the value of the Estate is less than the combined allowances of the spouses, currently £650,000 there would be no tax to pay.
My dad died in 2005, would mum's allowance now be £650,00 not £325,00.
Jill
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It depends on who inherited from the original estate in 2005.
if hteir nill rte band was not fully used there will be some to increase a future spouse/civil partners nill rate band.
all on the HMRC web site
http://www.hmrc.gov.uk/inheritancetax/intro/transfer-threshold.htm0
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