Tax free allowance

Bubblegumcat

Am one of two children- our father left everything to our Mum - bar tax free allowance! If a child wanted to claim this amount rather than carry it forward (relations are very rocky/almost non existent with Mother) where does one stand?

Ayr_Rage

You need to elaborate.

What do you mean by "bar tax free allowance" and "carry forward"?

Was there a will?

Are the two children specified as beneficiaries and what are they to get from the estate?

itsthelittlethings

The only tax free allowance I can think of is the amount you don’t pay inheritance tax on. That’s really quite a lot and would also be a very odd way to split up a legacy.

Bubblegumcat

other children are beneficiaries and yes named on will

itsthelittlethings

https://forums.moneysavingexpert.com/discussion/comment/81872012#Comment_81872012

Initially you said your father left everything to your mum?

Ayr_Rage

OK @Bubblegumcat time to give the value of the estate and complete list of bequests and beneficiaries as detailed in the will.

I doubt anyone knows what you mean by "rather than carry it forward"

What do YOU want to claim now?

MeteredOut

I'm guessing the OP means the father left the notional 25% tax free component of a DC pension pot to the children, and that's how its worded in the will, and by "carry it foward" means keep that amount invested in the DC pension in the hope that the pot grows and the 25% will be worth more in future.

OP, if that is the case, pensions/inheritance do not work like that. You'll have to post specifically what assets your referring to, and what the will wording is.

GrumpyDil

Or the will leaves everything over the £325000 to his wife and everything below to the children?

OP does need to explain in detail as I doubt anyone understands what is being asked.

Keep_pedalling

https://forums.moneysavingexpert.com/discussion/comment/81872154#Comment_81872154

They also need to explain what they mean by carry forward.

poseidon1

Agree, OP's question is clear as mud.

Savvy_Sue

Or is it possible that this is a Scottish will with those funny 'rights' for the children, which may or may not be claimed? (shout me down if I am just adding further confusion)