How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Aston Lawyer Your Own Question
Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10542
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
16368554
Type Your Law Question Here...
Aston Lawyer is online now

i need to know if the cash in the bank is liable

Resolved Question:

i need to know if the cash in the bank is liable for inheritance tax
also in our will we wrote every thing we have of property and cash in the bank for each other as a married couple
do we have to pay inheritance tax if one of us dies
Submitted: 2 years ago.
Category: Law
Expert:  Aston Lawyer replied 2 years ago.

Hello and thanks for using Just Answer.

My name is ***** ***** am happy to assist you with your enquiry.

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.

Kind Regards

Al

Customer: replied 2 years ago.

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

Expert:  Aston Lawyer replied 2 years ago.

Hi,

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.

Kind Regards

Al

Customer: replied 2 years ago.

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

Expert:  Aston Lawyer replied 2 years ago.

Hi,

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.

Kind Regards

Al

Aston Lawyer and 2 other Law Specialists are ready to help you