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DEATH DUTIES


Lautrec
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[quote user="Lautrec"]Can anyone confirm that if one of a married couple should be deceased, the duty that has to be paid is a percentage over 76K. Does thus apply to to all the value of the house or only on 50% ot it, if it was jointly owned.

[/quote]

Assuming that your marital regime is as stated, then each partner owns half the house. When one partner dies, that person's estate is half the house (plus half of whatever else is jointly owned - eg contents).  IF THERE ARE NO RESERVED HEIRS, and all is to pass to the spouse, then there is a tax-free transfer of 76K, above which there is then a sliding percentage tax scale on each successive band above 76K (Sorry, haven't got the bands and scale to hand). The tax-free part for each heir in direct line is rather lower, and for those heirs not in direct line or unrelated, far lower still.

Regards

Pickles

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