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I think the London leasehold apartment is worth approximately 350,000 - 400,000 sterling but the money in the bank is only about 6,000 pounds sterling. In case it is relevant, I am Australian but lived in the UK for 22 years and my husband was Italian with joint Australian citizenship.
I live in Australia but divide my time between here and the UK and have a small British pension and bus pass as well as a bank account over there. Does any of this make a difference?
How much would I have to pay in inheritance tax and isn't there a reciprocal amount or a credit passed on between husband and wife which cuts down the amount payable. Also, this is a tax and I think I have to pay whatever is owing within a certain time after my husband's death. Is that so?
I got cut off half way through my reply. I am going to London to deal with this in person. Can I claim my airfare to get there?
My other question was about the nil band rate allowance between spouses. As my husband never used his can I get an exemption on this or is it only applicable on my estate when I die?
I have to submit Inheritance Tax Account Form IHT400. Would I be able to do that from here? If I can't pay any tax payable by 30th April when it is due, do you know at what rate of interest I would be charged? I won't know if I am over the $325,000 until the flat has been valued.