How to pay the inheritance tax?
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dun
Apprentice
Joined: 13 Jan 2005
Posts: 5
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 Posted: 10/25/07 - 05:42 Post subject: |
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| Hi, I have inherited a sum of money from my mother, house and few things, she died two months ago and now I have to close all her accounts and take care about her assets. She didn’t live too much but all her savings and property is mine now. I know about tax related to my inheritance, but I wonder if there are maybe some tax reliefs, or different types of calculating tax contribution. Or else. |
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nathalia
Apprentice
Joined: 17 Jun 2005
Posts: 8
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| Posted: 11/28/07 - 23:16 Post subject: |
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If you are nominated to receive inheritance and as you said you inherit only money and house, so you will have t to value all of the assets (property, possessions and money) that the deceased person owned, to work out whether any Inheritance Tax is due. Inheritance Tax is only payable if a deceased person's estate is worth more than £300,000 (2007-2008 - the 2007 Budget announced a figure of £350,000 for 2010-2011).
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