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brnaby
Apprentice
Joined: 18 Aug 2005
Posts: 2
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 Posted: 05/08/08 - 09:59 Post subject: |
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| I have recently received some inheritance from my uncle. Unfortunately, that means he passed away, and he left significant amount of various valuable things, from property to individual items. I would like to know how can I pay an inheritance tax, and what exactly that is, since apparently I will have to take care of that. Thanks in advance. |
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ashbey
Apprentice
Joined: 31 May 2007
Posts: 2
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| Posted: 06/06/08 - 21:34 Post subject: |
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Ironically, maybe, although death and taxes are said to be the only certain things, it is sure the one who is taxed for his inheritance is not in position to pay it. That is because the inheritance tax is determined when you assess the value of the estate of the deceased (everything he owned), with his debts deduced, and in the case the overall value is above 300,000 pounds. There are exemptions, though, and if there is a spouse left behind alive, and was not divorced, than there will be no need to pay taxes. There are some smaller additional exemptions, too, and I suggest you see them, as well as some additional details about paying this particular sort of tax, at
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/InheritanceTaxEstatesAndTrusts/DG_4016736. |
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