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To give example:
A husband's wife passes away in 2015, without leaving a will. Her estate is less than the £325 threshold so no inheritance tax due. Also, even though she left no will, under the intestacy rules everything automatically goes to her husband - so would that still come under spouse exemption?
In practice, does that mean none of her threshold was used and so the full £325 allowance can be carried forward to her husband?
The residence nil rate band - from what I have read, that can be transferred from one spouse to another as well if unused, even if the first husband/wife passed away pre 2017 and even if they did not have any property in their estate - is that correct? As long as the property in inherited by children - again this does not have to be specified in a will, but under the intestacy rules?
Finally, in terms of gifts - if the husband as in above example, sole inheritor of his wife's estate, as administrator transferred any investments/shares from his wife's estate straight to one of their children (so an investment for example went straight from being in his wife's name to being in their son's name) - upon the husband's death, will this transfer have to be treated as a gift from him and therefore listed under his assets for inheritance tax purposes? (if his death is within 7 years of any transfer being made).
Thanks for any help.
A husband's wife passes away in 2015, without leaving a will. Her estate is less than the £325 threshold so no inheritance tax due. Also, even though she left no will, under the intestacy rules everything automatically goes to her husband - so would that still come under spouse exemption?
In practice, does that mean none of her threshold was used and so the full £325 allowance can be carried forward to her husband?
The residence nil rate band - from what I have read, that can be transferred from one spouse to another as well if unused, even if the first husband/wife passed away pre 2017 and even if they did not have any property in their estate - is that correct? As long as the property in inherited by children - again this does not have to be specified in a will, but under the intestacy rules?
Finally, in terms of gifts - if the husband as in above example, sole inheritor of his wife's estate, as administrator transferred any investments/shares from his wife's estate straight to one of their children (so an investment for example went straight from being in his wife's name to being in their son's name) - upon the husband's death, will this transfer have to be treated as a gift from him and therefore listed under his assets for inheritance tax purposes? (if his death is within 7 years of any transfer being made).
Thanks for any help.
