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Gifts in will and IHT
CharlieB52
Posts: 6 Forumite
As I understand it, if I leave everything to my wife there will be no inheritance tax to be paid.
However, if I bequeath any gifts in the will, does the £350k IHT allowance then come into effect because I am no longer leaving the entire estate to my wife?
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Comments
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Any gifts you leave to anyone other than your spouse reduces the amount of you nil rate band that can be transferred to their estate when they die, unless the recipient also has exempt status such as charities or political parties.
So unless you give others more than the NRB there will still be no IHT to pay.0 -
Thanks keep_pedalling!
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