Inheritance Tax Changes Confuse Elderly
Published / Last Updated on 19/09/2008
Inheritance Tax Changes Confuse Elderly
The Government is being called on to cut the red tape on inheritance tax to help widowed clients who want to use their deceased spouse’s nil-rate band. Recent IHT reforms, which allow married couples and civil partners to share each other’s nil-rate bands have left many elderly widowed clients confused about how to claim the unused element.
On death, if a spouse does not use up the nil-rate band entitlement of £312,000, the surviving spouse can use this in addition to their own entitlement, allowing them to pass on an estate worth up to £624,000 without paying tax.
Useful links:
Learn more about Inheritance Tax Advice and related topics in the Inheritance Adviser Channel
Request expert financial advice now
Purchase guidance on financial planning in the Money Shop
Useful links: