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Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your qyestion.
You personally do not pay any tax on the chargeable event, the deceased's estate might have a liability. However, that would only occur if the aggregated assets on decease exceeded 325K. If the estate is inadequate to meet any Inheritance Tax (IHT) due then it is the Chancellor who dips out!
I do hope that you have found my reply of assistance.
Yes, the estate does have to pay. You incur no personal liability.
Yes the chargeable gains will have to be declared and tax levied at the deceased marginal rate of taxation. Then his assets will have to be aggregated for IHT. This is one of those situations where a sum of money can be taxed twice. The IT cannot be deducted from the IHT bill.
It does indeed.
Thank you for your support.