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bigduckontax, Accountant
Category: Tax
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If parents living in England write a will to their children

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If parents living in England write a will to their children and the total value is less than 500,000, is this subject to IHT?
The tax free element in Inheritance Tax (IHT) is 325K    If the parents bequeath the family home to children this rises to 500K.
Customer: replied 2 months ago.
ok, is this subject to a 7yr rule too? or is that only for gifts outside of a will? Also, how would eg anyone else even know if eg a gold set had been gifted to someone?
The 7 year rule applies to gifts outside the will.  Such gifts must be declared by the executors or administrators on the IHT declaration.
Hope that helps.
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