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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4423
Experience:  FCCA FCMA CGMA ACIS
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My estate including bank accounts,bonds and property is valued

Customer Question

My estate including bank accounts,bonds and property is valued at approx. £500,000.
my wife passed away srveral years ago. I have a son and a daughter and I am now 85 but very healthy. how much tax am I likely to pay on my demise?
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to assist you with your question. Ignoring the still nebulous 1 million inter spousal exemption announced by the Chancellor recently the following will, I suspect, apply to your estate. As you are probably aware the first 350K is tax free and the balance charged at a flat tare of 40%. However, your estate can inherit any unused 350K from your deceased wife's estate making a possible exemption of up to 650K. As inter spousal and charitable bequests do not count towards the 350K from your wife's estate you may well have no liability at all on decease. I do hope that I have shed some light on your position. Please come back and follow up if this is not the case.
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Expert:  bigduckontax replied 2 years ago.
Thank you for your support.