Charegable gains

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January 30, 2022 at 1:19 am #647728
Nikitagarwal
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Ques – Rodney died on 13 August 2020. In his will he left £200 in cash to each of his five nephews,
investments held in ISAs valued at £350,000 to his daughter, and the residue of his estate,
which amounted to £520,000, to his wife.
What is the chargeable estate for inheritance tax purposes?
As per my understanding here , its a transfer of main residence and therefore only 175k will be exempted, however as per answer they have fully exempt it ?
I am not sure why , please help!
January 31, 2022 at 11:55 am #647796
Tax Tutor
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You have not mentioned in your information from the question the existence of a private main residence – if this is a part of the residue left to the wife(?) – then transfers to spouses are EXEMPT
This is also an IHT question – not chargeable gains!
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