IHT - calculation -Scotland & Charity

fritzie-65

Can anyone give me a rough guide as to what the IHT amount Percentage would be.My googling has suggested 36% - due to being reduced as charity named and deceased lived in Scotland.

Proceeds from housesale ca 220,000 - all to go to charity named in will

other assets to go to family ( not spouse ) ca 120,000 after funeral expenses but before laywers fees.

Thanks

getmore4less

look up "nil rate band"

Keep_pedalling

You have a nil rate band currently set at £325k so your estate will have have no IHT liability.

fritzie-65

thanks for your replies - what if the house is 220,000 gbp and the other monies are 150,00 gbp - how does it work then ?

Keep_pedalling

fritzie-65 wrote: »

thanks for your replies - what if the house is 220,000 gbp and the other monies are 150,00 gbp - how does it work then ?

IHT is not charged on any part of the estate left to charities, so it will not apply unless the non charitable bequests excede £325k, and if you are a widower that nil rate band could be doubled.

fritzie-65

thanks for clearing that up for me