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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4416
Experience:  FCCA FCMA CGMA ACIS
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Inheritance tax allowance, my mum died this year, so we

Resolved Question:

inheritance tax allowance, my mum died this year, so we understand the allowance is £325,000.00 but we have been informed we can use our dads unused tax allowance when he died, as all his estate went to my mum, now is this allowance £325,000.00 as now, or the allowance of the year my dad died 1995?
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.

Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question.

Customer: replied 1 year ago.

ok, i have already submitted my question, do you have that

Customer: replied 1 year ago.

what more information do you need please, thanks

Expert:  bigduckontax replied 1 year ago.

Please be so kind as to stop asking supplementary questions for the present. You have lost my reply twice already.

Expert:  bigduckontax replied 1 year ago.

You are correct that any unused allowance of your Father's can be added too your mother's 325K and any assets over that amount will be subject to Inheritance Tax (IHT) at 40%. If bequests of a charitable nature exceed 10% of the estate then the rate falls to 36%. Any tax free allowance is infalted by charitable bequests.

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Customer: replied 1 year ago.

would the allowance of my fathers unused inheritance tax be at the year he died 1995 or as at now? i am getting conflicting answers. many thanks

Expert:  bigduckontax replied 1 year ago.

Yes, the year in which he died.

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Expert:  bigduckontax replied 1 year ago.

Thank you for your support.