How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
By continuing to use this site you consent to the use of cookies on your device as described in our cookie policy unless you have disabled them.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 11077
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

If parents living in England write a will to their children

This answer was rated:
★ ★ ★ ★ ★

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?
bigduckontax
The tax free element in Inheritance Tax (IHT) is 325K    If the parents bequeath the family home to children this rises to 500K.
Ask Your Own Tax Question
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.
Ask Your Own Tax Question
Hope that helps.
bigduckontax and other Tax Specialists are ready to help you
Ask your own question now