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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 25426
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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good morning ;just need to ask about inheritance tax pleas

Resolved Question:

good morning ;just need to ask about inheritance tax please
Submitted: 2 years ago.
Category: Law
Expert:  Joshua replied 2 years ago.
Hello and thank you for your question. I will be very pleased to assist you. I'm a practising lawyer in England with over 10 years experience. I would be happy to assist you if I can. May I enquire as to your questions on the above?
Customer: replied 2 years ago.

I have given all info

Expert:  Joshua replied 2 years ago.
Thank you - is this the information you have posted separately about whether cash in the bank is counted for inheritance tax and whether you will pay inheritance tax if one of you passes away as a married couple?Finally are you able to kindly confirm your estimated ballpark valuation for your and your spouses combined estates? I appreciate this is likely to be nothing better than an educated guess.
Customer: replied 2 years ago.

my question was from the beginning about property in our names which is over £325,000 and also cash in the bank i.e. everything we own

so if we have over £325,000 in the bank is there inheritance tax on it?

in our will we wrote everything to each other as a married couple the will was done 17 yrs.ago

Expert:  Joshua replied 2 years ago.
Thank you. in terms of the loan are included in the assessment to include cash in the bank, your property, and any other investments or assets that you own. in the case of jointly owned assets - e.g. jointly owned property for cash held in a joint bank account, there is a presumption that each of you will 50% of that asset and therefore 50% of any joint assets would be included for the assessment of inheritance tax. Each of you have a £325K allowance. On the first of you deaths if you leave everything to each other, there is no inheritance tax to pay as you can leave as much as you like to a spouse without limit with no tax to pay. Leaving assets to spouse also does not use your inheritance tax allowance so this allowance remains untouched and can be used by your spouse when they come to die thereby allowing the survivor of you to up to double their £325K allowance. On the second of your deaths, as above, the survivor of you will take the first to die's unused inheritance tax allowance therefore doubling the inheritance tax allowance. So as things stand the second of you to die would have a £650K allowance before tax is payable (though if the allowance increases in the future the allowance may be greater). Therefore if the second of you to pass away has total assets of less than £650K then no inheritance tax is payable on the second death either. I hope the above is of assistance? If you have no further questions for now I should be very grateful if you would kindly take a moment to click to rate my service to you today or just reply back to let me know if the above is helpful. Your feedback is important to me. If there is anything else I can help with please reply back to me.
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