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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4094
Experience:  FCCA FCMA CGMA ACIS
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So, with my dad's pension he will get £150k lump sum tax

Customer Question

So, with my dad's pension he will get £150k lump sum tax free and remaining £150 to buy annuity or some other product, is the lump sum he takes taxable for iht is he dies before its spent? could the £150k be gifted to siblings to get it out of the estate?
Also the total value of the estate is currently then: house £650k, buy to let £350k savings etc £400k less £325 allowance taxable estate therefore say: £1,075k @40% £430k is this correct ( at least the theory!) how can this be reduced by gifts etc?
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Keith here; you appear to have duplicated your original question which I have answered and you have kindly accepted. If this is indeed the case you should approach Just Answer Administration for a refund of your fee.