u/BinVegetable

▲ 2 r/HMRC

Inheritance tax question

I hope I'm in the correct area to ask this question.

Unfortunately my sister has been given a very bleak prognosis for her cancer situation and I'm trying to get as much information straight in my head before anything happens or I speak to someone properly, as i've just found out myself and her friend will be executors.

She has no kids, her husband died about 6 years ago. From the basics I'm expecting the estate to be between £500k and £700k made up of house around £350k, then money and death in service benefit from her job.

As far as we know, her friend (executor) kids are getting a sum of money each, then her house and everything else is going to her niece (my daughter).

Am I along the right lines thinking that everything over the £325k level is 40% taxed? For example £500k would be £70k IHT?

Or have I over simplified?

Any help appreciated 👍

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u/BinVegetable — 17 hours ago