Inheritance Tax Query

Inheritance Tax Query

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If someone dies and their estate is worth £1million for example, is it as simple as take off the tax free amount of £325k which leaves £675k taxable, times that by 40% gives you £270k.  So is that the tax payable?

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By blok
10th Oct 2013 12:48

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yes....unless

it is left to the remaining spouse, or there are any reliefs to be had, or they have inherited it recently from a fellow deceased, or they have made gifts within 7 years, or if they are beneficiaries of an old IIP.....

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By catlady
10th Oct 2013 13:05

... or if their spouse has previously died, or they have left money to charities....or I could have read the post before :) These would be included in the reliefs mentioned above!

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