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.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: UK Tax
Satisfied Customers: 33276
Experience:  25 years exeperience as a high street solcitor
13262538
Type Your UK Tax Question Here...
Clare is online now
A new question is answered every 9 seconds

Hi I have left my house half to my wife and a quarter each

This answer was rated:

Hi I have left my house half to my wife and a quarter each to my sons the house is worthy£550.000 so my wife's share is £275 and my sons share is 275 split between them will they have to pay any inheritance tax ???
Hi
Thank you for your question
I shall do my best to help you but I need some further information first.
What other assets are there (if any) in your estate?
Claire
Customer: replied 3 years ago.
Hi only got a car each there worth £3000 each and £2000 in the bank and no other savings
Hi
Then there will be no problem.
Whilst the entire estate is worth more than the nil rate band the gift to your spouse is exempt which means that the gift to your sons falls under the current band of £325,000
I hope that this is of assistance - please ask if you need further details
Claire
Clare and other UK Tax Specialists are ready to help you

Related UK Tax Questions