if i left £600.000 to my wife on my death gould she give it to my daughters with out paying inheritance tax.?

Answer 1

You need to be very precise in your wording if you are to get a meaningful answer. You are assuming that you die first and leave £600,000 to your wife.

Did you intend that your total estate be worth that sum or would other legacies be involved?

Any money left to your wife is exempt from inheritance tax. If you leave any money to someone else (other than a charity) then that legacy would use part of your nil rate band. In this case you would not be able to pass on the whole nil rate band to your wife. I shall assume that £600,000 was the whole estate.

The second part of the question covers the gift of this money to your daughters. I assume that you meant she would leave it to them in her will. If the whole band was passed to her on your death then she would have double the nil rate band effective at the date of her death. So the answer to your question is yes.

But all the above assumes that your wife has no assets. If you share a property then half would probably be hers anyhow. Any extra assets she has over and above the double nil rate band would be taxable.

Answer 2

before the budget no after the budget yes you don't have a problem but if your wife dies before seven years have expired THEY MAY HAVE TO PAY WHATEVER YEARS ARE LEFT PRO RATA

Answer 3

Half of it already belongs to your wife.

She can give £3,000 per year to each child. Anything over that amount, she has to survive the gift date by 7 years for it to be exempt from IHT.

Answer 4

On that figure there is no longer any inheritance tax. If there was then no she could not.

Answer 5

have you come through from the other side ?????my goodness i didnt realise that i had become a medium cor!!!!!
the answer to this is no OOOOOOOO