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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15882
Experience:  International tax
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if the inheritanse tax is £50000, how much was the estate

Customer Question

if the inheritanse tax is £50000, how much was the estate
Submitted: 3 years ago.
Category: Tax
Expert:  TaxRobin replied 3 years ago.
Hello and thank you for allowing me to assist you.
Most estates don't have to pay Inheritance Tax because they're valued at less than the threshold (£325,000 in 2014 to 15). The tax is payable at 40% on the amount over this threshold or 36% if the estate qualifies for a reduced rate as a result of a charitable donation.
Guessiing that they did not use the donation the 40% would be used.
The estate would have been £450,000 - £500,000
That is only an estimate based on the basics. That is all that can be calculated.
Expert:  TaxRobin replied 3 years ago.
Hi Felicity,
JACUSTOMER-54l1cqjt- Last Viewed on 12/10/2014 at 07:16
You are most welcome.
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