This week, in i's new column, I am helping a reader understand how they could be taxed when they die, if they are single
's new column, I am helping a reader understand how they could be taxed when they die, if they are singleAre you in financial agony? Ask Paul Lewis, broadcaster and our new financial agony uncle.
At any funeral people will be weeping. But only one time in 20 will those tears be shed because of the tax the heirs have to pay. Nineteen out of 20 estates pass without any inheritance tax being due. That means children, grandchildren, and great grandchildren which includes step, adopted, and fostered children and even their spouses. But it does not apply to nieces and nephews, brothers and sisters, cousins, aunts, uncles, or anyone else not directly descended.
Yes, Derek it will. It does not matter how many descendants you leave the family home – or its value – to. Any or all of them share the benefit of the extra allowance.
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