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IHT - calculation -Scotland & Charity
fritzie-65
Posts: 86 Forumite
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
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
Success is the sum of small efforts repeated day in and day out.Thats what I keep telling myself :-)
0
Comments
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look up "nil rate band"0
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You have a nil rate band currently set at £325k so your estate will have have no IHT liability.0
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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 ?Success is the sum of small efforts repeated day in and day out.Thats what I keep telling myself :-)0
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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.0 -
thanks for clearing that up for meSuccess is the sum of small efforts repeated day in and day out.Thats what I keep telling myself :-)0
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