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bigduckontax, Accountant
Category: Tax
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If £450000 of our estate value ws put in trust 8 years ago

Customer Question

If £450000 of our estate value ws put in trust 8 years ago for our children are we still entitled to the IHT allowance of £325 each
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. Yes you are still entitled to the 325K tax free allowance on decease. This is inflated by any inter spousal and charitable bequests. The 325K limit is being progressively increased to one million from 2017 to 2020 for bequests of the family home to children. I do hope you find my reply of assistance.