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My uncle died feb-2005 passing over his estate to his wife…

My uncle died feb-2005 passing...
My uncle died feb-2005 passing over his estate to his wife (my aunty) no probate involed. later on that year my auntys sister died nov 2005 leaving 79.000 to her following probate. unfortunatley my aunty has now passed away leaving full estate to myself and my wife. my late auntys iht allowance is £325.000.00 and her late husbands £263.000.00 a total of 578.000.00 iht asking will the £79.000 my othrt aunty left through probate alter or reduce my late uncles allowance kind regards
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Answered in 3 minutes by:
4/3/2013
Clare
Clare, Solicitor
Category: UK Tax
Satisfied Customers: 35,273
Experience: 25 years exeperience as a high street solcitor
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Hi
Thank you for your question.
I will try my best to assist you with this but I do need some further information first.
How much is your deceased Aunt's estate worth - and do you mean that your Uncle used 19% of his IHT allowance?
Claire
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Customer reply replied 5 years ago

my auntys estate approx £485.000.00 pounds Uncle died feb 2005 so his iht is at present 263.000.00 goes on year he died declining scale

Hi
Actually no it does not go on that basis.
Did your Uncle actually use any of his allowance or did it ALL pass to his wife?
Claire
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Customer reply replied 5 years ago

no grant of probate was obtained in the estate of my late uncle and his entire estate was passedto his wife and im able to claim through auntys estate the whole unused nil rate band uttilising uncles unused tax allowance which time of death was 263.000.00 Basically this added to auntys tax allowance iht

Hi
In fact it is not how much the nil rate band was at the time of your Uncle's death that is relevant.
It is what percentage of it was used
That percentage is then applied to the current nil rate tax band'
Since none of your Uncle's nil rate band was used that means that you can claim 100% of the CURRENT figure - do your late Aunt's estate would have to total £650,000 before Inheritance Tax would bite.
The amount she inherited from her sister does not effect this at all
I hope this is of assistance - feel free to ask for further details if not
Claire
Clare
Clare, Solicitor
Category: UK Tax
Satisfied Customers: 35,273
Experience: 25 years exeperience as a high street solcitor
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