if the amount is over 300.000 but it is being shared out????
2007-07-19 06:06:35 · 6 answers · asked by rose m 2 in Business & Finance ➔ Taxes ➔ United Kingdom
yeah. its a b****! but yes you do.
a lot of people can't afford to inherit things because of it.
how stupid is that!
2007-07-19 06:12:01 · answer #1 · answered by rjphillips246 2 · 0⤊ 1⤋
Yes. Tax is due on the whole estate before any sharing is done. The residue after paying tax is what is shared.
2007-07-19 13:09:26 · answer #2 · answered by Who Yah 4 · 0⤊ 0⤋
Engage BRAIN .. if you could avoid IHT by sharing out your estate, perhaps EVERYONE would spread their estate over every living relative they have in the world ????
NB. Its NET estate ... so if Granny takes out a £200,000 Mortage on the house just before she dies (and spends the cash on the horses) that Mortage has to be paid off before calculating any IHT ....
2007-07-20 03:08:59 · answer #3 · answered by Steve B 7 · 0⤊ 0⤋
Assuming your in the UK and you're talking pounds, then you would pay it on £300k. It doesn't matter whether that amount will be shared or not, it's payable on the total of the estate.
2007-07-19 13:12:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The estate tax starts at much higher levels. There would be no tax on an estate of only $300,000.
2007-07-19 13:10:24 · answer #5 · answered by Anonymous · 0⤊ 2⤋
YES YOU PAY 40%
I THINK IT'S 350.000
2007-07-19 13:10:38 · answer #6 · answered by Anonymous · 0⤊ 0⤋