New Inheritance Tax threshold for couples

Tiggs_2

ahh, sorry - i thought you used the DOV to create a DWT.

JaneBee_2

This is really confusing me too. My mum died last year (my dad had died several years earlier). We paid IHT on her estate above £300k. Does this mean we'll get some back now? When my dad died all the money went to my mum so we didn't get the benefit of £300k being his.
Thanks.

harryhound

Bad luck????.

Tiggs_2

JaneBee wrote: »

This is really confusing me too. My mum died last year

Not sure whats confused you?

This change is effective yesterday, your mum died in 2006 - it doesnt affect you.

JaneBee_2

I think it was the backdated element but now I see that only applies if there was still a surviving parent.

Tiggs_2

Thats right - otherwise they would be going back to the doomsday book to work it out

roddydogs

so if someoned died 1 minuit before the start of yesterday ie 11.59 on the 8th, the estate still pays the old tax?

tipsychick

How would I go about finding out the details of my father's will from 1984? Is it registered somewhere and still on record?

When my father died in 1984, I'm pretty sure he just left his whole estate to my mother. (My brother and I were 9 and 11 respectively but I don't think anything was left to us specifically). The estate would have consisted of the then family home and its contents, insurance policies, etc. I don't think any IHT was due at the time.

I am right in thinking my mother's IHT threshold is now £600K, aren't I? Her estate would be worth a bit more than that and so my borther and I would have to pay 40% on anything above £600K.

That is right, isn't it?

Thanks very much.

Tiggs_2

yes.

unless you mean ACTUALLY died as if that were the case they would not be declared dead until a bit later You could hide them in a cupboard if death occurred earlier but it has obvious practicality issues.

worldwheeler

noh wrote: »

There has been no change for unmarried persons.
What has been done is that the existing £300000 allowance is now transferrable between spouses. So the unused portion of the allowance of the first to die is transferred to the surviving spouse.

Nigel

Nigel, I would wait for the full wording of this supposed "policy". I suspect this is just the Labour party making public what any decent account would have told couples " to making individual wills leaving each's share of their estate to their children" This means that when each parent dies the £300,000 allowance is valid. Thus Labour has tried to pass this off as a "doubling gift to the public". I wouldn't trust the Labour party to advise on what date is Christmas. Brown has raided the pensions of billions and all immigration controls were dropped to increase the UK's population to keep the housing market rising and inflate the credit bubble to Hindenburg proportions.