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Tom dies

This topic has 1 reply, 2 voices, and was last updated 10 years ago by Tax Tutor.

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January 26, 2015 at 12:21 pm #223786
makhan1
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Tom dies on 31 oct. 2005 and leaves $200000 to sally his wife nand nothing to his son. required:- 1. explain the IHT implication on subsequent death of sally assuming she dies on 15 dec 2012 and leaves everything to her son. state the due of making election?
February 3, 2015 at 7:48 am #224940
Tax Tutor
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As Tom did not use any of his nil rate band (NRB) as his transfer was exempt, Sally will get an extra 100% of her available NRB of £325,000, thus increasing it to £650,000 on her death.
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