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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4996
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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If my estate is worth £330,000 and my wifes is also £330,000,

Resolved Question:

If my estate is worth £330,000 and my wife's is also £330,000, I cannot see any advantage in terms of tax due in leaving my full estate to her in my will. I may as well let my estate pay the tax on £5,000 and that's the end of the matter as far as my estate is concerned??? The HMRC example does not make things clear! Grateful for your comments.
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.

Hello and welcome to the site. Thank you for your question.

Some thing for your consideration ... a pragmatic approach would be to gve money to charity as opposed to the Exchequer.

 

More information on reducing your inheritance tax bill by giving to charity can be found here

http://www.hmrc.gov.uk/inheritancetax/pass-money-property/charity-reduce.htm

 


Actually, thinking about tax payable in absolute terms .. it would amount to £2,000 in today's money and maybe at the time of calculation the threshold may have increased to absorb this access and no tax is payable.

From a personal point of view, I quite like your approach of pay the tax man and close the books forever.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.



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