Inheritance Tax

If you're talking parents passing their estate on, you can inherit £650k tax free.

How much does the snivelling little next generation brat need to get by?

 

The rules are, £325,000 each, so a married couple will have a joint allowance of £650,000. If none of the allowance is used up ie a married couple and one dies the unused allowance transfers to the other partner (this unless as I say the deceased partner has used some of his/her allowance by gifting their bits n pieces to someone else).

So lets say they have one grown up son or daughter and the couple get hit by a meteorite, in the west stand!
The revenue now want to value the estate for iht purposes before the son / daughter can get their hands on the inheritance.
Lets say the estate comes to £700,000 including home, their bank accounts ISA s etc. The sibling will be required to pay 40% on what is over the limit. So in this case 40% of £50,000 = £20,000 before they can have the estate.
Booooooooo still wrong tough

 

so its just to benefit rich down south is it

so the rich every where else in the country cannot benefit by this, that's not fair then...is it.
Or maybe you are just being a Muppet