If my late husband left me everything does his allowance get added to mine? ie leaving £650,000 to my children before IHT kicks in? Deed of variation was mentioned to me , my husband passed away 9/01/09 and I believe i have to do something before 9/01/11. Can anyone help?
No deed of variation is required and there is no paperwork to be completed before your death. (It's up to your executors to apply for the transfer of your late husband's unused IHT threshold). See here:
http://www.hmrc.gov.u...ransfer-threshold.htm
No deed of variation is required and there is no paperwork to be completed before your death. (It's up to your executors to apply for the transfer of your late husband's unused IHT threshold). See here:
http://www.hmrc.gov.u...ransfer-threshold.htm
Hi Buenchico, thanks a lot for that, things are clearer now, just one more bit to add- if my husband was Jersey (CI) born and died there does this still apply? Thanks for your time, the link was really useful.
My answer to your subsidiary question has to be "Sorry, I don't know for sure" - but that doesn't mean that I can't tell you where to get the information you require. HMRC has a dedicated helpline for IHT enquiries:
http://tinyurl.com/ycna9ep