When do I have to pay INHERITANCE TAX UK

Thanks for sharing

Is life policy is also subject to inheritance tax? I assume it is.

Very useful, thank you

So hard to find nice content like this. I don't know who, but someone actually needs to hear this, you've got to stop saving all your money. Venture into investing some, if you really want financial stability

Thank you Helena. You have covered in a very simple but helpful way something that is quite time consuming to uncover - how to calculate the Residence Nil Rate Band (the £175,000 extra threshold that may apply to some estates).

I have a suggestion for you Helena. A while ago I spent ages looking for my late father's will. I could find a photocopy, but I couldn't find the original will. Then an accountant pointed out to me that the Probate Office keep the will, before granting probate.

Have you tried asking the probate office if they could help you trace the "missing" will?

Excellent video . I had to trawl though so much pointless dross to find this gem

Hi quick question, my dad owned a home worth 800k, my dad didn't use his 325k threshold allowance. Now my mother owns the home. If she sells and gifts the children cash of 700k. do we only pay inheritance tax on anything over 650k? (the 50k) if she passes away within 7 years?

Just for info, the care home funding guidelines from the Scottish Government say that putting your property under trust would not avoid care home fees.

The Probate Office isn't the problem...the problem lies closer at hand

Amazingly clear vidwo, thanks. Cleared up a lot of my questions.

Hi, I’m just wondering my grandad has left me and my brother 25% and my mum 50% of his property valued at 280k (probate) now because I will be receiving 25% and I own another property under 125k will I be subject to any tax? My brother and mother the other recipients do not own a property as of yet? Thanks

Hello Helena,
I am using the gift out of income for my father's probate, but find the regularity part very vague: how strict is HMRC on the regularity: for example will payments of say between £1000 and £2000 every three months, but not on specific date be acceptable as "regular".

And the other question, is it okay if these payments were to different members of the family? Son and Grandchildren for example? Or must they be to only one designated person (at any one time)?

Best of my knowledge a trading company gets passed to relatives inheritance tax free like a sweet shop if it's been trading at least two years a company is only few hundred to form. But check with accountant yourself.

Duke of Westminster aged 27 and his sister inherited £2 Billion inheritance tax free

Probably better making written copies of wills sometimes even solicitors loose them, can register will too.

Inheritance Tax would be illegal if the mafia did it, but a govt? Oh, that's totally normal!

Very informative..thanx..

7yr rule ,so if survive longer than 7 yrs the amount that you gifted is iht free, but cgt free? does it meaning gifting any amount? gifting to whoever? <18 children , brothers, parents, nephews, friends?

To avoid inheritance tax just get in touch with the little man Charlie at the Palace. He is an expert on how not to pay inheritance tax.

Misleading video - It's entitled "when do I have to pay inheritance tax UK" but after watching the whole 15 minutes it does not answer this question whatsoever. It only tells you how to avoid some of the tax. For example is it due BEFORE I sell the property?

So if you inherit 50,000 in the bank and a house worth 75,000 you don’t have to pay inheritance tax is that correct ?

Yes spend it and enjoy while you can

The gov doesn’t tax you to death. Wha wha! The gov builds roads, schools, pays police, etc! People that avoid a reasonable inheritance tax is a deadbeat. We cannot continue to concentrate wealth.

Well explained.

Thanks for the very helpful video. Is the deceased's ISA savings - if given to their children - taxed at 40% ?

Inheritance tax is a money spinner for hmrc they won't be in a hurry to cut it anytime soon it's all about the money as always

Nice to know if you leave all your estate to the political party who brought in inheritance tax to steal from you then no inheritance tax would be due.

Sounds like she’s in Britain we are one month away from 2 years waiting for brothers will to get disposes You pay 40% of money over 325 pounds I’ve checked NYS you pay tax on anything over $1.6 million federal tax comes after you get anything over $40,000,000

Only 4% of the population pay it so where's the problem?

Thank you Helena for this simple, clear and helpful video. Useful at a stressful time.

Many thanks for this video. Need a video on how to fill in how to value someone's estate. Do you have one?

Fair share !? 40% !!!

Channel owner hearted a bot comment promoting scams, wouldn't listen to a word

Did you say the government wants its FAIR share?
Define fair

It's disgusting how the Govt tells us how much we can gift out of our own money which has already been taxed.

Trying to plan ahead - inherited my wifes family home and it was seperated between me,my wife and my son . We have listed it as tenants in common and both named our son as the beneficiary of the deceased section of the ownership . Is this taxable - bearing in mind that the survivor doesn’t own the part that the deceased has left ! We have done the same with our main home - does tenants in common alter the validity of our main home claim ?

If I want to give my Sister and her family £10,000 each will they be libel to pay tX on this ,

Thank you for a very helpful & easy to follow video.
I have subscribed.

I thought Tories were about self improvement. I don't believe in inherited wealth , I believe in earning my own money. Just remember 4% pay inheritance tax and your dead when you pay it you pricks.

Well presented--but absolutely nothing new. Why repeat the same advice given several hundred times every day online and in the press? The truth is this--there is NO magic 'silver bullet'. Cash in , buy or create a ltd company trading business--and after 2 years trading, THAT is as near as you can get to keeping your hard earned cash. Trusts? Go on--go down that line and faint at the fees and up front tax payable on your properties and savings! If you are over 60--it's simply uneconomical. So Helena--the best advice you give is the obvious one--Make a will--then spend now and create memories--and forget the rest! Peace and a long life to you all.😇

Labours going to put it up to 55 %
Scumbags well done to all you voted for them

👍

I cam across something of intrest which i will share I am a landlord own a lot of investment properties in my own name the first one is debt if you remortgage the debt is offset against IHT so you can remortgage and just spend the money or gift it away 7 year rule the next thing i have found is with Land and property the estate wheich is inherited can pay the IHT over 10 years HMRC will charge intrest but it allowed the estate to remain in place and the rental income can pay the IHT

Please do not refer to inheritance tax as "the government's FAIR share"

Not a lot of people know this, the gov, HMRC, the judiciary, the policy enforcers ( police), local councils are all corporations. Therefore before they steal your money they better show the contract , its void otherwise. The system has been created to Rob us blind, no government is your friend they are just thieving parasites.....

I’m “allowed” to give £3,000 of my own money to someone? I thought I lived in a free Western democracy, not communist China.

Am I allowed to give someone a Christmas present?

Why is it always a taxman. Tax women are more dangerous

What if I took all my moneys and left the country for good?