A Quick IHT Question

A Quick IHT Question

Didn't find your answer?

I don't deal with IHT much, so just wanted to know how much of the following estate gets caught (all H&W jointly owned):

- Family House (£500k)

- BTL property (200k)

- 50% share of ltd co business (£100k) other 50% owned by daughter

My inclination is the first two, as the shares are covered by BATR.

Am I right?

Thanks for any comments.

Replies (7)

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By brianheg
14th Apr 2010 11:40

All of it

It all comes into the Estate.

The shares in the ltdco may be eligible for Business Property Relief, but you need to check that the company meets the criteria.

I take it you know about transfers between spouses being exempt, and that the will can be amended by a Deed of Variation within 1 year?

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By Richardrussell
14th Apr 2010 13:24

Thanks Brian

As I thought - and thanks for the reminder about deed of variations, which I do know about but had forgotten!

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By Phil Rees
14th Apr 2010 13:27

Have they changed the rules?

The last time I looked you had two years to do a D of V.

 

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By brianheg
14th Apr 2010 13:35

2 years

Phil,

You're quite right.

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By Phil Rees
14th Apr 2010 14:31

I can remember a Budget speech when the chancellor said he was g

That was Nigel Lawson.

Maybe if the tories get in next month they will do so, but they will have been used a lot less since the nil rate band has been passable on (terrible syntax, sorry).

 

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By Richard Willis
15th Apr 2010 08:40

Oh Phil

Apology accepted but you really SHOULD have typed it correctly!  You know it should have been 'passable onable'.

BTW Richard, I always say, when asked a 'quick' question that the questions are always quick; it's the answers that take the time.  Never is this more so true than on AWEB.

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By Richardrussell
15th Apr 2010 09:00

Thanks IT Tutor

Yes, I know, quick for me!

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