IHT Calculation - Beating the taxman?

kiteman53

In Feb 2004 my mother died and the IHT threshold was £255,000. She co-owned the house valued at £550,000 (£225,000) and had £209,000 in stocks and shares. She created a will trust with the shares for my father and 3 children. My father has just passed away. How much of the IHT can be transferred to his estate as he didn't use all his allowance from hers?

getmore4less

What sort of trust?

kiteman53

A Will Trust

Yorkshireman99

kiteman53 wrote: »

A Will Trust

There are various kinds and the answer depends on which kind it is. Given the amount of money involved the executors need to get paid for professional advice so they get it right and don't end up with a big penalty to pay.

getmore4less

kiteman53 wrote: »

A Will Trust

Need more than that, if you don't know, what did the will say.

The type of trust can make a big difference to the IHT and CGT liabilities.