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JGM
JGM, Solicitor
Category: Family Law
Satisfied Customers: 11436
Experience:  30 years as a practising solicitor. Partner in own firm.
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My wife died suddenly August 1. On August 4 she was due to

Resolved Question:

My wife died suddenly August 1. On August 4 she was due to complete the sale of house and large garden. With her death actual awaits submission and approval of my application to administer the estate. As I understand it one must declare to the Revenue Service the value of the estate, and pay the 40 percent inheritance tax before one can submit the application to administer the estate. As she has been offered 2.5 million for house and garden by a developer the forty percent tax would be one million, which I don't have. My question is whether or not a surviving spouse owe such inheritance tax at all. Please tell me no inheritance tax is due, and how to proceed in applying for a grant to administer the estate. Thanks for your assistance.
Submitted: 1 month ago.
Category: Family Law
Expert:  JGM replied 1 month ago.

Thanks for your question and I am sorry for your loss. If you are due to inherit your wife's estate there is no inheritance tax to pay. If you are not due to inherit the whole estate there may be some tax to pay, however, an application can be made to defer payment of the tax until the property is sold and funds become available. As regards ***** ***** be an administrator and winding up the estate, given the amount involved this should be done by a solicitor, perhaps the one who is acting in the sale of the property. However you can read more about what you do here: https://www.gov.uk/wills-probate-inheritance/overview. I hope that helps. Please leave a positive rating so that I am credited for my time.

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