How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TonyTax Your Own Question
TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15915
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
13905389
Type Your Tax Question Here...
TonyTax is online now

Re UK IHT Husband died c 12 years ago. Left own residence to

Resolved Question:

Re UK IHT
Husband died c 12 years ago. Left own residence to wife (Tenants in Common). Value then c £125,000
Wife has house currently valued at c £300,000 plus further assets of c £200,000. In addition to allowance of £325,000 are is any of the husband`s unused allowance available
Henewco
Submitted: 9 months ago.
Category: Tax
Expert:  TonyTax replied 9 months ago.

Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.

Expert:  TonyTax replied 9 months ago.

Assuming the deceased husband's estate did not use all his nil-rate band 12 years agao, the unsued percentage (as applied to today's nil rate band of £325,000) can be used by the wife's executors against her estate when she dies. This has to be claimed on Form IHT402.

There is more information on transferring a nil-rate IHT band here.

I hope this helps but let me know if you have any further questions.

Customer: replied 9 months ago.
but he died prior to 2007
Expert:  TonyTax replied 9 months ago.

Look at the note under "When to use this form" on IHT402 which I gave you a link to in my previous post. It applies to cases where the second death occured on or after 9 October 2007.

Expert:  TonyTax replied 9 months ago.
TonyTax and other Tax Specialists are ready to help you
Expert:  TonyTax replied 9 months ago.

I'll call in about 10 minutes if that's OK.

Expert:  TonyTax replied 9 months ago.

I'm having trouble with my mobile phone. Can I call you by about 6pm.

Expert:  TonyTax replied 9 months ago.

My apologies. I will call by 7pm. I just got your answering service.

Expert:  TonyTax replied 9 months ago.

I tried to call a 7pm. If you still need a phone call, let me know. If you no longer need the phone call, let me know and I will have the phone call cost refunded.

Related Tax Questions