Inheritance tax

2010 · 2 April at 5:11PM

A married couple have savings of £350k each and a jointly owned property worth £350k.

One dies and leaves everything to the other, is there any IHT to pay?

When the other one dies therefore having £700k in savings and a property worth £350k, is there any IHT to pay.

I know there is an allowance of £325k and also of £175 for property that's left to a close relative but don't know how it works.

fuzzzzy · 2 April at 5:27PM

There will only be an allowance for the property (£350k) on the second death if the property is left to children or grandchildren.

If not the only allowance will be for £650k on second death.

No IHT on first death.

Keep_pedalling · 2 April at 5:34PM

There is no IHT to pay for anything left to a spouse regardless of the amount.

iHT on the second death depends on whether the estate is left to children or not.

2010 · 3 April at 10:59AM

Thanks for the replies.

On the second death the entire estate would be divided equally between the four siblings.

I assume on the initial question that IHT would be libel on £50k at 40%.

Keep_pedalling · 3 April at 12:00PM

If they both dies without spending or giving away any of their savings then yea.

Yorkie1 · 5 April at 9:02PM

When you refer to 4 siblings, are they grand/children who are siblings, or actual siblings of the deceased?

2010 · 5 April at 10:55PM

Children of the the second death.

Two males and two females.

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