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Inheritance Tax and Gift Allowance
Kass_Evans
Posts: 16 Forumite
My aunt recently died and my solicitor asked if she had made any gifts in the last two years. The answer was no so I was told this would increase the £325,000 to £331,000 but it would appear that HMRC do not agree. I am unable to find any information on this.
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What's your solicitor's (current) advice? Surely it's them you should be looking to for an explanation of their previous advice?0
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So the solicitor is saying the estate Nil Rate Band should be increased from £325k to £331k because she didn't make any gifts in the last two years? This seems unusual, I'd ask the solicitor to explain why this is. So the solicitor has applied for probate and HMRC are querying the figures?Polar Pigs live in pigloos.....0
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I think the solicitor is referring to the £3,000 annual exemption, which if not used in the previous tax year, you can scoop up and use alongside this year’s exemption. So the Nil Rate Band of £325,000 is being uplifted by £6,000.I’m a Forum Ambassador and I support the Forum Team on the Pension, Debt Free Wanabee, and Over 50 Money Saving boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the Report button, or by e-mailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.0
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I believe the £3,000 per year annual exemption is applicable to lifetime transfers and not post-death transfers.I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0
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Any unused annual exemptions die with the deceased they can’t be used to inflate the NRB. I hope you are not using this solicitor to apply for probate.
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