2007-10-11 05:15:53 · 2 answers · asked by Conspicuously Inconspicuous 2 in Business & Finance ➔ Taxes ➔ United Kingdom
At the moment, inheritance tax is paid at 40% of any estate over the amount of £300,000.
2007-10-11 05:25:19 · answer #1 · answered by brownbug78 5 · 0⤊ 0⤋
First you have to die ... (the Inland Revenue are rather counting on this :-) )
Next, as an individual (not married), if the NETT value of your Estate (i.e. AFTER paying all loans mortgages credit cards etc) exceed £300,000, the Estate pays 40% on the rest.
If you are married, and your spouse is still alive, and you leave everything to your spouse, then there is no tax to pay.
If you were married, and your spouse has already died (and left everything to you), your Estate pays (40%) Tax only on amounts over £600,000 (this change was announced in pre-budget statement earlier this week)
2007-10-12 04:24:06 · answer #2 · answered by Steve B 7 · 0⤊ 0⤋