Hpw Much Can I Leave On My Death To A Family Member Without Paying Tax? Thanks In Advance For Advice!

[HAMMEROFTHOR]

How much can I leave on my death to a family member without paying tax?

[bednobs]

they dont pay tax on an inheritance - neither to you, your estate pays it on the total not individual bequests.
What are you trying to acheive?

[HAMMEROFTHOR]

thanks for that bednobs, what i am trying to find out is- when my wife and myself are deceased we want to pass on sums of money to our daughter and other family members, what is the maximum amount we can pass on from the cash realisation of our total estate without us or family paying tax?

[ToraToraTora]

IHT is payable on anything above £325,000 that will include gifts at taper for 7 years prior.

[ToraToraTora]

The estate pays the tax not the individual.

[HAMMEROFTHOR]

Thanks Tora tora Tora, thats very helpful! Thanks to you and bednobs for your input. Kind Regards, HAMMER

[Peter Pedant]

AND transfers between spouses are exempt no matter what
( because it basically delays the tax but doesnt avoid it)

[Etch]

"IHT is payable on anything above £325,000" - not entirely true. From the Gov UK website https://www.gov.uk/inheritance-tax :

"If you give away your home to your children (including adopted, foster or stepchildren) or grandchildren your threshold can increase to £500,000.

If you’re married or in a civil partnership and your estate is worth less than your threshold, any unused threshold can be added to your partner’s threshold when you die. This means their threshold can be as much as £1 million."

[bobbinwales]

Well as others have said it depends whether your married/widowed
so ther IHT allowance can be transferred....but also, you cant take it with you so if your not going to give it to the famly member youll have to give some to someone else/others, or drip feed it to the family member within the allowances over your lifetime

[Peter Pedant]

you hae exactly the right idea - - make a will ( and wife also) but I really think you should take the advice of a lawyer or will writer and not rely solely on er all of us

[bobbinwales]

Yes to the will. The solicitor may not be necessary though if the estate is gonna be well smaller than the IHT threshold's