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 TaxRobin Your Own Question
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 17222
Experience:  International tax
Type Your Tax Question Here...
TaxRobin is online now

if the inheritanse tax is £50000, how much was the estate

Customer Question

if the inheritanse tax is £50000, how much was the estate
Submitted: 3 years ago.
Category: Tax
Expert:  TaxRobin replied 3 years ago.
Hello and thank you for allowing me to assist you.
Most estates don't have to pay Inheritance Tax because they're valued at less than the threshold (£325,000 in 2014 to 15). The tax is payable at 40% on the amount over this threshold or 36% if the estate qualifies for a reduced rate as a result of a charitable donation.
Guessiing that they did not use the donation the 40% would be used.
The estate would have been £450,000 - £500,000
That is only an estimate based on the basics. That is all that can be calculated.
Expert:  TaxRobin replied 3 years ago.
Hi Felicity,
JACUSTOMER-54l1cqjt- Last Viewed on 12/10/2014 at 07:16
You are most welcome.
My goal is to give you excellent service.
Rating lets Just Answer know you were assisted and credits me for the time.