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bigduckontax
bigduckontax, Accountant
Category: Tax
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What are the tax implications of leaving my share of our (tenants

Customer Question

What are the tax implications of leaving my share of our (tenants in common) to my wife for as long as she lives? Then my share transfers to my children.
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.
Hello, I'm Keith and happy to help you with your question.

I assume that you mean upon your decease. Inter spousal gifts are beyond the scope of UK taxation. However, the ultimate transfer to you children will impose an Inheritance Tax (IT) long term tax liability to your estate. As IT does not kick in until your estate reaches 325K on death you may well escape the tax altogether. The 325K is inflated by any bequests to charities and inter spousal transfers.