inheritance tax annoucement

EdInvestor

56cheffy wrote: »

So how does this affect someone like me...widowed for 13 years and still single, living with my son?

Do I get my late wifes allowance?

Yes, assuming she left everything to you, your allowance is now 600k.

Willman_Rodders

Just to add to sloughflint post ...

You might find the following link useful ....

http://www.hmrc.gov.uk/pbr2007/supplementary.htm


and scroll down to ....

Inheritance Tax: transfer of unused nil-rate band (PDF 207K)

to open a .pdf file where the Chancellor's covering notes can be read. Skip the first 11 pages (they are for the lawyers and will writers to get to grips with) but read the 'Background Notes' and then the examples on page 16. they answer many of the questions posed on this thread.

Remember; these changes are not yet law. Details may (perhaps that should read ... will) change almost certainly.

Hope that helps.

chesky369

I've been separated from my husband for twenty years, but not divorced. I'm sure he won't leave me anything in his will but, if he dies before me, does it mean that my inheritance allowance will be £600k instead of £300k?

localhero

Hi Chesky,

In order to answer that, do you know the approximate value of his estate?

chesky369

Probably over £300k

localhero

If he makes a Will and leaves his estate to anybody but you, then you will not receive the benefit of his 'unused IHT allowance' as he will have used it.

If he doesn't make a Will (which would be incredibly stupid) then you would inherit quite a bit of his estate under the intestacy laws, and on top of that the percentage of his allowance which was unused.

chesky369

unfortunately I don't think he's that daft.

margaretclare

chesky369 wrote: »

unfortunately I don't think he's that daft.

Why not divorce him and claim 50% of all he owns?

That would seem like being certain of getting something rather than waiting until he dies, when you might get nowt!

Margaret

sloughflint

margaretclare wrote: »

Why not divorce him and claim 50% of all he owns?

That would seem like being certain of getting something rather than waiting until he dies, when you might get nowt!

Margaret

I was quite shocked by this. Didn't know whether to take it as a humerous ( edit: I can't believe I wrote that/humorous) post or not. I hope it was. I'm sure there are many women around who might think like that. I'm glad I'm not one of them.

margaretclare

sloughflint wrote: »

I was quite shocked by this. Didn't know whether to take it as a humorous post or not. I hope it was.

Partly tongue-in-cheek, but the underlying message was serious, in that I can't comprehend why anyone would be 'married but separated' for 20 years, which seems a bit like being in limbo - neither one thing nor t'other.

I'm sure there are many women around who might think like that. I'm glad I'm not one of them.

Nor am I. I would have been divorced 20 years ago and getting on with my life. Chesky seems to be hoping for a legacy from this estranged and long-separated husband.

It reminds me of my DH's ex, who inititally didn't want a divorce, wanted a judicial separation because she thought she could get more from him that way, lifelong financial support etc. She changed her mind, though.

Margaret




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