Inheritance Tax Allowance

56cheffy

When the IHT changed a while back I was under the impression that I could claim my late wife's £300k allowance. She died in 1994.
Is it correct that I can only claim what her allowance was in 1994?
I have not re-married.

Hope that makes sense!

dzug

56cheffy wrote: »

When the IHT changed a while back I was under the impression that I could claim my late wife's £300k allowance. She died in 1994.
Is it correct that I can only claim what her allowance was in 1994?
I have not re-married.

Hope that makes sense!

You can't claim it.

The executors of your estate can.

The amount is a percentage of the £300K - or whatever the rate is at the time of your death - calculated by reference to what proportion of the 1994 allowance was used. If she left everything to you, then none of the allowance was used and you can claim 100%. If she left say 25% to another relative, then 25% was used and only 75% can be claimed.