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Discussion in 'General Chatter' started by Layla, Jul 16, 2007.
im crap at this stuff
Anyone have a rought idea how much tax you will get taken from 10 grand?
off the top of my head about £30 a week
wont i get taxed on it all in one go?
it will be inheitance(sp?) money
You will get inheritance tax hunni
I don't think you will have to pay anything really Layla
any idea how much that is tho?
ah thanks Jo
oh right thought u meant wages
you wont get taxed on £10,000
Not everyone pays Inheritance Tax on death. It only applies if the taxable value of your estate (including your share of any jointly owned assets and assets held in some types of trusts) when you die is above £300,000 (2007-2008 tax year). It is only payable on the excess above this nil rate band.
There are also a number of exemptions which allow you to pass on amounts (during your lifetime or in your will) without any Inheritance Tax being due, for example:
if your estate passes to your husband, wife or civil partner and you are both domiciled in the UK there is no Inheritance Tax to pay even if it's above the £300,000 nil rate band
most gifts made more than seven years before your death are exempt (but see the next section on trusts and companies)
certain other gifts, such as wedding gifts and gifts in anticipation of a civil partnership up to £5,000 (depending on the relationship between the giver and the recipient), gifts to charity, and £3,000 given away each year are also exempt
Layla you don't pay any tax on inheritence less than £300,000.