Bank statements, Solicitors and IHT

sparkiemalarkie

nom_de_plume wrote: »

If the appointed Executors are not up to doing the job they can relinquish their roles and let you take charge if they and you are in agreement to do so.

Picking up on a point mentioned above, did your Father leave everything to your Mum in his Will or were there any other beneficiaries? If the latter, this will likely affect his transferable nil rate band.

Hi Dad did leave everything to mum.
Neither of the executors are prepared to relinquish their roles and I have been firmly put in my place. So I need to leave it how it is.


I have worked out the monetary gifts that I was first concerned about and it amounts to £7000 in 2011 plus 3x £250 and £2000 in 2012 (new tax year)
I would expect there to be IHT on £1000 @8%


Apparently the solicitor told one executor that they 'could' activate the RNRB if necessary. Surely it would make sense to include the RNRB allowances anyway, wouldn't it, or is there a good reason not to?


sparkie

Keep_pedalling

sparkiemalarkie wrote: »

Hi Dad did leave everything to mum.
Neither of the executors are prepared to relinquish their roles and I have been firmly put in my place. So I need to leave it how it is.


I have worked out the monetary gifts that I was first concerned about and it amounts to £7000 in 2011 plus 3x £250 and £2000 in 2012 (new tax year)
I would expect there to be IHT on £1000 @8%


Apparently the solicitor told one executor that they 'could' activate the RNRB if necessary. Surely it would make sense to include the RNRB allowances anyway, wouldn't it, or is there a good reason not to?


sparkie

Any inheritance tax due will be paid out of the residual estate, the receivers of those gifts will not need to pay it back. I assume you got the 8% from applying taper relief to the £1000 over the annual allowances, but taper relief only applies where people have gifted over the nil rate band and even then only to the portion above that band.