Inheritance Tax

Thank you.

Inheritance tax can be a complex matter and is recommended that you seek expert advice, they could save you big bucks. Here are some useful links on inheritance tax for you to read into yourself

Govt Site
Inheritance Tax Guide
Money Advice Service

It is also important to keep up to date with changes in rules and regulations.

Age Uk have a useful fact sheet which is available online.

IHT thresholds and rates 2019-20. Everyone in the 2019-20 tax year has a tax-free inheritance tax allowance of £325,000 – known as the nil-rate band. The allowance has remained the same since 2010-11. The standard inheritance tax rate is 40% of anything in your estate over the £325,000 threshold. As grannyticktock says, Gov.uk is good.

Solicitors will give you a 1/2 hour consultation FREE.

Without knowing all the details, the answer is probably yes. If your husband left everything to you, his £325,000 IHT-free allowance is passed to you, on top of your own. In addition, you inherit his share of the new Nil Rate Residence Band, which means a portion of the value of the house is also tax-free.

There is information online on the HMRC website, or you could try Citizens' Advice.

I think you can obtain a useful and relatively jargon-free leaflet about inheritance tax from local advisory bodies, such as the Citizens' Advice Bureau, and, probably, your local library. My experience of dealing with this is quite old and laws may have changed in the interim so I don't feel qualified to offer any further advice.