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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 10275
Experience:  FCCA FCMA CGMA ACIS
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Can I claim the extra £175,ooo if I leave my estate

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Can I claim the extra £175,ooo if I leave my estate including the property to my children jointly
JA: Have you talked to a tax professional about this?
Customer: no
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: My wife pre deceased me and only used £20000 of the nil allowance which I belive allows a carried forwrd of £305,000 which together with £325,0000 and £175,000 would allow an inheritance tax free of £805,0000 is this correct

It depended on the tax year in which your late wife passed on.

Customer: replied 15 days ago.
She passed away on 4th May 2015
Customer: replied 15 days ago.
I was hoping that you could give me a qujick answer without further charge.I can go to my own Solicitor for any extra information

You will inherit the balance of your wife's Inheritance tax (IHT) tax free amount You can add that to yours. However, where the family home is willed to children the tax free amount rises to 500K.

Customer: replied 15 days ago.
Does that mean that I can add my wifes unused £305,000 to total £805,000
Customer: replied 15 days ago.
I just wanted confirmation that my total after bringing forward the balance of my my wifes inheritance tax free amont would be £805,ooo but did not receive a reply

Correct.

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