death duty

s13eater · #1 28-06-2006, 17:19

does anyone know how much tax the inland revenue charge on money that is left when you die ?

30psi · #2 28-06-2006, 17:50

Over £285,000 you pay 40% on the excess amount.

This is based on the total that the dead person gives away. Not whats received by the beneficiaries.

Effectively the dead person pays the tax on what he is passing on.

s13eater · #3 28-06-2006, 17:53

will they take anything out of 10k, there was 43k left, but the council took 34k, the soliciters sent the tax form off 3months ago, but they hav'nt got anything back yet.

30psi · #4 28-06-2006, 19:28

na no chance of then touching it

s13eater · #5 28-06-2006, 19:59

ahh good, i think enough has been taken, well to much

,i wish they would hurry up though.

PukkaSilvia · #6 28-06-2006, 22:41

What did the council take that for if you dont mind me asking? Its extortionate