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Inheritance tax on a will?

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  • Inheritance tax on a will?

    My wife and I have all our savings plus the house held in joint names and totals approx 500,000.
    When either of us dies all goes to the survivour.
    When the survivour dies all is divided between our 2 sons and the five grand children.
    At any stage would there be any Inheritance tax to pay?

    Thanks for any replies.
    Tags: None

  • #2
    Hi, from my understanding no inheritance tax would be payable on either yours or your wife's death.

    On the first death where everything passes to a spouse there is no tax liability. On the second death the estate will also benefit from their spouse's unused nil rate band. The nil rate band is up to 325,000 so assuming your combined estate is not above 650,000 then there should be no Inheritance tax liability.

    After that there is also a residence nil rate band which can increase your nil rate band up to 1 million (where the property passes to your children or grandchildren).

    Hope this helps

    Comment


    • #3
      Originally posted by Mrchan66 View Post
      Hi, from my understanding no inheritance tax would be payable on either yours or your wife's death.

      On the first death where everything passes to a spouse there is no tax liability. On the second death the estate will also benefit from their spouse's unused nil rate band. The nil rate band is up to 325,000 so assuming your combined estate is not above 650,000 then there should be no Inheritance tax liability.

      After that there is also a residence nil rate band which can increase your nil rate band up to 1 million (where the property passes to your children or grandchildren).

      Hope this helps
      Thank you for you post, very helpful answers my question in full.

      Comment

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