ChatterBank0 min ago
Iht
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The estate is estimated at 625000
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Also, it will depend on the value of the estate when he dies, not now
Also, it will depend on the value of the estate when he dies, not now
If the deceased had a spouse (or civil partner) who died before him/her, and leaving everything to them, the IHT allowance will be TWO lots of £325k (= £650k), meaning that there's no IHT to be paid at all.
Otherwise the allowance is just ONE lot of £325k, meaning that IHT will need to be paid on the excess £300k. That amount, at the current rate of 40%, is £120k.
Otherwise the allowance is just ONE lot of £325k, meaning that IHT will need to be paid on the excess £300k. That amount, at the current rate of 40%, is £120k.