Say a sum of money, in excess of 20K is left to a standard rate tax payer here in the UK, what tax is liable on that sum. IHT is not applicable. Jim
Tax on sums left in a will?
Nov 27, 2003
7 Replies
None whatsoever. Only IHT would be applicable, and if it isn't, then nothing is. Just be sure it isn't.
The message from Ronald Raygun contains these words:
The whole estate is under 200K. IHT is not applicable, yes? Jim
In message , J L Williams writes
Only if you can be sure that the deceased didnt give any dosh away in last seven years. If you CAN be sure that the total of over the last 7 years plus the total value of he estate on death is less than £255k (if the deceased died in the current tax year) then no IHT is payable.
The sum of £20k, and the UK tax status of the recipient, referred to in your original post, arent relevant.
The message from john boyle contains these words:
Thanks John, much appreciated. Jim
As an aside, let's say somebody gives away his entire wealth and there is nothing left in the estate on his death. Can the Revenue go after the recipient of the gift for IHT?
If they die within 7 years, then yes.
In message , John-Smith writes
If the gift was made within 7 years then yes.
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