IHT help | Mumsnet

FamousPrincess · 2023-01-20T23:42:48+00:00

Does anyone here know anyhting about that, please? If so let me know and I will post a few questions re gits/IHT etc

Defiantlynot41 · 21/01/2023 00:00

There are definitely some very knowledgeable posters on here. Fire away!

Original poster

FamousPrincess · 21/01/2023 10:31

will do as DH friend asked I will ask DH to send me important bits and i will cut and paste

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VeggieSalsa · 21/01/2023 10:32

Following - I work in IHT matters

FamousPrincess · 21/01/2023 15:08

This reply has been withdrawn

This message has been withdrawn at the poster's request

Flapjackquack · 21/01/2023 16:27

Hi, they want a tax advisor, there are many bilingual ones or firms where they will happily translate advice.

They are asking for quite specific advice, and whilst not complicated, I think given they have the means, it would be much more sensible to pay an advisor who can look at it all together.

Original poster

FamousPrincess · 21/01/2023 17:37

Flapjackquack · 21/01/2023 16:27

Hi, they want a tax advisor, there are many bilingual ones or firms where they will happily translate advice.

They are asking for quite specific advice, and whilst not complicated, I think given they have the means, it would be much more sensible to pay an advisor who can look at it all together.

Thanks
Its not complexed at all other than the tapper my DH told them
Lets see if anyone else can help or indeed the poster that stated there were experts in this kind of thing

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Flapjackquack · 21/01/2023 18:37

FamousPrincess · 21/01/2023 17:37

Thanks
Its not complexed at all other than the tapper my DH told them
Lets see if anyone else can help or indeed the poster that stated there were experts in this kind of thing

Show quote history

I do work in tax, I just think it’s a bit cheeky to try and get such specific advice on this for free really. Especially given the financial position you’ve laid out. Someone generous may come along and help you though.

Christmascracker0 · 21/01/2023 18:49

Assuming all assets are in joint names, they each have an estate of £565,000.

I assume under their Wills all assets will be transferred to the surviving spouse on the death of the first spouse.

They each made gifts of £140,000 in January 2018. If one were to die tomorrow, the nil rate band of £325,000 will automatically be offset against these gifts. No IHT will be due.

Then the Estate of £565k will be transferred to the surviving spouse, no tax will be due on this due to spousal exemption.

The surviving spouse will have a nil rate band of £510,000 (at current rates, but may change), plus probably the residential nil rate band to use on their death.

It’s not very difficult but they should really get advice tailored to their actual position rather than relying on someone on the internet!! They aren’t short of cash clearly.

Original poster

FamousPrincess · 21/01/2023 18:50

Flapjackquack · 21/01/2023 18:37

I do work in tax, I just think it’s a bit cheeky to try and get such specific advice on this for free really. Especially given the financial position you’ve laid out. Someone generous may come along and help you though.

Show quote history

Not referring to you mate but the poster that told me to post here.
A bit "cheeky, " no one is twisting you arm, so please stay off the thread.

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GlamGiraffe · 21/01/2023 18:55

Find a QUALIFIED (not all are) accountant specialising in IHT or solicitor with specialised knowledge. They have a decent amount of money and is worth paying a small fee to ensure all us in order. By using a qualified professional they need have no concerns with sharing information with a stranger (we aren't interested any further than doing our job well). There can be nuances with every situation and it's worth paying for a couple of hours of advice to ensure they have a much protection as possible. Members of qualified bodies are experts and their advice can be trusted.

Original poster

FamousPrincess · 21/01/2023 19:16

GlamGiraffe · 21/01/2023 18:55

Find a QUALIFIED (not all are) accountant specialising in IHT or solicitor with specialised knowledge. They have a decent amount of money and is worth paying a small fee to ensure all us in order. By using a qualified professional they need have no concerns with sharing information with a stranger (we aren't interested any further than doing our job well). There can be nuances with every situation and it's worth paying for a couple of hours of advice to ensure they have a much protection as possible. Members of qualified bodies are experts and their advice can be trusted.

Thank you, good advice I will pass it on

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Original poster

FamousPrincess · 21/01/2023 19:19

Christmascracker0 · 21/01/2023 18:49

Assuming all assets are in joint names, they each have an estate of £565,000.

I assume under their Wills all assets will be transferred to the surviving spouse on the death of the first spouse.

They each made gifts of £140,000 in January 2018. If one were to die tomorrow, the nil rate band of £325,000 will automatically be offset against these gifts. No IHT will be due.

Then the Estate of £565k will be transferred to the surviving spouse, no tax will be due on this due to spousal exemption.

The surviving spouse will have a nil rate band of £510,000 (at current rates, but may change), plus probably the residential nil rate band to use on their death.

It’s not very difficult but they should really get advice tailored to their actual position rather than relying on someone on the internet!! They aren’t short of cash clearly.

Very helpful - armed with info we will be able to tell who knows what if DH frind was to employ a specialist

Re this
The surviving spouse will have a nil rate band of £510,000 (at current rates, but may change), plus probably the residential nil rate band to use on their death.

What is the residential nil rate band please

Thnaks

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