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If the first to die leaves everything to their spouse,which I note is the case, then the whole estate is completely free of IHT. When the second member of the couple dies, there will be no tax to pay if the total is £650,000 or less. If your total is more than that, it is likely that there will be IHT to pay by your heirs when the second spouse dies at a rate of 40% for any value of the Estate which is over £650,000.
I hope this assists and sets out the legal position.
thanks you did not answer to the cash in bank is there any inheritance tax on it or the same applies as was stated in the will
that everything will pass to the spouse that includes property and cash
The £650,000 married couple threshold applies to any cash/savings/the house/shares you own at the date of the second death.
So, on the first death, no tax is payable on your cash or other assets, if you leave everything to each other in your Wills. Only when the second dies would there be any Inheritance tax on your assets if the value is over £650,000.
I hope this clarifies matters.
thank you ,one point about your chat on line it is more complicated than the usual
it takes us back to the original page and made me wonder if you have got my answer
now how many other questions can i ask with in the £47 that i paid and what is the time limit
many thanks to you,
have a good day
Thanks for your reply, and hope you can see my original answer also.
As I have hopefully answered this question for you, I would be grateful if you could rate my Answer.
Unfortunately, you will need to post a new question, if you require a different question to be answered.