Hi
Under the new rules announced this year, does a widower whose wife died in
1994 have a total IHT nil-rate allowance of 600k or 300k?
Jeff
1994 have a total IHT nil-rate allowance of 600k or 300k?
New Inheritance Tax Rules.
Nov 11, 2007
3 Replies
1994 have a total IHT nil-rate allowance of 600k or 300k?
£600k minus whatever was used when his wife died.
See -
hth
Daytona
Wrong actually, because for the 1st death it uses the unused proportion of the historic rate multiplied by the rate on the 2nd death. All explained in the link.
1994 IHT nil rate = £150kGiving - (150k minus whatever was used when his wife died) / £150k x IHT rate upon his death
Daytona
Thanks a million. That's a really useful response - especially the link
Regards Jeff
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