Ask a Law Question, Get an Answer ASAP!
Good morning, thank you for your question. Can you tell me if you and your husband are domiciled in the UK please.
Thank you, ***** ***** quite difficult to give exact advice without completing an entire overview of your joint financial estates. Any one domiciled in the UK pays IHT on their worldwide assets. This is not an issue on the first death as all the assets usually pass under the spouse exemption with no tax. On the death of the second spouse then tax is payable on both estates on amounts exceeding one millon. This means that everyone has an exempt amount of £325,000 plus £175,000 if one property is left to direct descendant's. You cannot claim the residence allowance for more than one property. So it depends on the overall value of your estates.
Good morning, do you require any further assistance?
Good afternoon, I can tell you the law but I cannot give you advice without knowing the full financial situation and your sole and joint assets and where you both are domiciled. To do so I would have to charge extra and perhaps deal with the situation properly through my firm.
Good afternoon, do you need any further assistance?
Please contact me if you wish to receive detailed advice so that I can assist you further.
thank you, ***** ***** very sorry to hear of your loss. I have told you the current IHT exemptions above which is the current law. Whether things will change in the next budget is hard to say, but those are the amounts you can both have in assets before any inheritance tax is payable.