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woolly bully | Does anyone know what inherentance tax would be paid on a property worth 300 grand? |
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tammy_tynant
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In the UK
Inheritance Tax kicks in at £285,000 (for the tax year 2006/07 - this may go up next tax year we have to wait for the budget) - anything over this amount is subject to tax at 40%
in your case £15,000 would be subject to 40% which equates to £6,000
this link may help (online calculator)
http://www.lowtax.co.uk/common/calculators/inheritance.html
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suerye
 |
It would depend on how much the rest of the estate was worth as IHT is charged on the value of the whole estate - cash, shares, property, personal effects, etc. |
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ra63
 |
Inheritance tax laws vary in different states - in my state there is a 1% inheritance tax - but each qualified heir gets an exemption on the first $100,000. Example:- five children would be $500,000 exemption before the tax was assessed. You can google inheritance tax laws for your state. |
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Del Piero 10
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40% on anything over £285,000 the inheritance tax limit. Suggest you find a dodgy estate agent to get a lower valuation |
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oddball59
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I'm not certain but I think inheritance tax only comes in at 300k....? |
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minson8605
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no |
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busterdomino
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The "Tank" spoils a good response by not being able to do his Maths, the bill would be £6,000 not £60,000!. |
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The Tank
 |
You should not rely on anybody's guesswork. The following few paragraphs is as accurate an answer to your question that I give you without knowing your whole details. Note that your 'estate' is the entire value of everything, not just the house.
The answer is taken directly from the Inland Revenue web site so you won't get better information here. I suggest that you visit it (see the internet address below) to find out the answers to any more similar questions. If you guess and get it wrong then the mistake can be extremely costly.
Not everyone pays Inheritance Tax on death. It only applies if the taxable value of your estate when you die is above £285,000 (2006-2007 tax year) and is only payable on the excess above this threshold.
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 £285,000 threshold
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.
Inheritance Tax is charged at the following rate on death:
Inheritance Tax 2006-2007 tax year
Taxable value of your estate above which it is charged is £285,000
Rate at which it is charged 40%
So, on a £300,000 estate, you would pay 40% of £15,000. Which would be £60,000. That still leaves you with £240,000 which is not bad for a windfall.
(the Inland Revenue considers legacies to be Unearned Income, that is - the beneficiaries haven't earned it, which I suppose is factually right but you may disagree with the morality) |
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CLIVE H
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Inheritance tax or death tax as most of us call it, is an absolute swine. The amount of tax levied on a given property does depend upon it's market value, I am not one hundred percent sure of the percentage of the property value which is 'stolen' in the form of this tax but believe it may be in the region of 20% or more.
The worst aspect of this death tax, is that anyone who inherits from a dead parent, has only got six months in which to pay off the debt to the revenue.
Thankfully, there are folk in the Conservative party who want to raise the level at which this horrible tax has to be paid. More and more people have come into the arena of having to pay death tax since the property price/value at which the tax is levied has not been raised for decades.
Personally, since most properties where I live cost anything from £450,00 on up to £1.2 million, I think death tax should start at around the £600,000 mark and then be pushed up year on year as house prises continue to rise.
My present house was purchased for a mere £116,000 ten years ago. The present going rate is £450,000 - it's no doing of mine. It's all to do with supply and demand. Insufficient houses means the price per unit goes up. Nothing we can do about it.
Last year [2006] 5.2 million Brits left the UK to go and live abroad having sold their properties here for a better life with little or no tax. Cannot say I blame them. UK is now becoming far too expensive to live in. I have recently retired and am trying to pursuade my partner to move with me abroad. It's a hard slog, maybe one day.
Oh, how I envy Ra63 - a one percent inheritance tax! No such luck here in UK. Move to USA might be the answer if only you can get a Green Card - denied to most Brits. |
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Andrew C
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Inheritance Tax is 33-38% of the total appraised amount. |
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