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bigduckontax, Accountant
Category: Tax
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I would like some advice on inheritance tax.

Customer Question

I would like some advice on inheritance tax.
Submitted: 1 year ago.
Category: Tax
Expert:  JamesInch replied 1 year ago.

Good evening, what advice are you seeking regarding said tax?

Expert:  JamesInch replied 1 year ago.

Hi, please let me know if I can be of any further assistance.


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.

Inheritance Tax (IHT) is charged at a flat rate 40% on any estate over 325K. If 10% or more of the estate is charitably bequeathed the rate drops to 36%. From next year until 2000 the 325K will be progressively increased to 500K for houses left to children. Spouses can inherit their deceased's other half's unused 325K. Inter spousal and charitable bequests are excluded from these limits.

Those are the basics; please come back to me on this thread if you have any follow up questions.