Inheritance Tax assistance

[My Evil Twin]

Edited to clarify:

So.. a call for help.

• Dad died a while ago. now all dads assets are now mums.. and that is all sorted...*

Mum and us kids are looking how to reduce any inheritance tax. There isnt THAT much but estate would be above the threshold. (325k)
Any ideas where I should start.. specialist tax lawyer/adviser or should any solicitors be able to assist??


Cheers

Cheers 3Dee.. I might just do that.

Edited by My Evil Twin on Wednesday 27th August 12:29

[My Evil Twin]

ellroy said:

As long as the will passes assets in excess of the nil rate, £325k, to your Mum then interspousal exemption will apply so there will be no IHT issue to worry about.

Remember, anything that was jointly owned, such as the house will pass to her automatically.

just called HMRC help line and the guy confirmed this 'as current legislation, but of course may change in future'.
So Mum's IHT allowance would be 650k.. which is I think more than enough to cover what she has.

Mum has been worrying about 'HMRC getting 40% of what dad sweated for' for a while.. so i can tell her not to worry about it.
We have never had money as a family, so mum having sold the family home (dad bought the sttiest house in a really nice area 40 years ago) and being in this situation is a learning curve for us all.

wow.. cheers PH.