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Inheritance Tax and stuff

critchley
Posts: 55 Forumite


My Partner died very recently before he received an inheritance from his brother of approximately £50,000. He willed all his money and assets to me. The Solicitors dealing with his brother's estate have asked me for the death certificate, a copy of the will and my bank details. Will I have to include this money when sorting out my Inheritance Tax liability or will it just be classed as mine as it's in my account? I think in my heart it will still be classed as part of his assets but with this timeline I can hope.
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did your partner die after his brother? if so then the money would be part of your partner's estate0
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critchley said:My Partner died very recently before he received an inheritance from his brother of approximately £50,000. He willed all his money and assets to me. The Solicitors dealing with his brother's estate have asked me for the death certificate, a copy of the will and my bank details. Will I have to include this money when sorting out my Inheritance Tax liability or will it just be classed as mine as it's in my account? I think in my heart it will still be classed as part of his assets but with this timeline I can hope.
If you were married, then there is no IHT between spouses. If you weren't married, and your partner's estate is over the £325K threshold, then the estate will need to pay IHT. The fact the money is now in your account doesn't alter that.
Condolences, and I'm sorry you are having to deal with this on top of your recent loss.
Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!2 -
I think this question is in the wrong place?
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squirrelpie said:I think this question is in high the wrong place?0
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What is the total value of your partner's estate? IHT will only be payable if it exceeds £325k and you were not married or in a civil partnership.(including the inheritance from his brother).0
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Will I have to include this money when sorting out my Inheritance Tax liability or will it just be classed as mine as it's in my account?
You will not have a IHT liability, his estate might. I know he has left everything to you, but that is the correct way to look at it.
Normally as well the executor of his will ( who is that, you ?) would have a separate bank account to handle the affairs of the estate. Then the £50K would be paid into that initially, and be part of any calculations about IHT liability.
It ideally should not be paid to you directly at this stage.1 -
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"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung0 -
Thanks for your replies. I have worked out that with the half share of our flat which we own as joint tenants and the addition of a smaller flat which we own (beneath ours and where my grandson lives) plus the £50K inheritance I will be about £63,000 over the £325K threshold. That means that at the age of 80, not only have I not benefitted from what my partner tried to leave me but I shall be approximately £25,000 in debt and it appears that I will have to get a loan at my age to pay it off. What with the stress of losing my partner and my own health problems I have a very miserable few years left struggling on income support. I might as well not be here. Surely this can't be fair. The stress of it is making me even more ill than I am.
All this because we didn't know that if we had just married or had a civil partnership I could have had an extra £325,000 tax relief. How can this be right or fair?
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critchley said:
All this because we didn't know that if we had just married or had a civil partnership I could have had an extra £325,000 tax relief. How can this be right or fair?1 -
critchley said:Thanks for your replies. I have worked out that with the half share of our flat which we own as joint tenants and the addition of a smaller flat which we own (beneath ours and where my grandson lives) plus the £50K inheritance I will be about £63,000 over the £325K threshold. That means that at the age of 80, not only have I not benefitted from what my partner tried to leave me but I shall be approximately £25,000 in debt and it appears that I will have to get a loan at my age to pay it off. What with the stress of losing my partner and my own health problems I have a very miserable few years left struggling on income support. I might as well not be here. Surely this can't be fair. The stress of it is making me even more ill than I am.
All this because we didn't know that if we had just married or had a civil partnership I could have had an extra £325,000 tax relief. How can this be right or fair?0
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