Inheritance Tax will be due on any assets above this limit
The spouse could be the beneficiary, if so spouses do not pay Inheritance Tax.
The executor is appointed by the deceased to be responsible for ensuring that any debts and creditors the deceased had are paid off, and that any remaining money or property is distributed according to their wishes.
You can, but there is no guarantee of success.
Gifts/Cash up to this amount per year are exempt from IHT and can also be carried over from one previous year = £6,000.
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The Moneytree Corporation Limited Registered in England number: 4350758. Registered Address: 14 Gipsy Lane, Warminster, BA12 9LR. Savvy Financial Planning is the trading name of The MoneyTree Corporation Limited which is authorised and regulated by the Financial Conduct Authority. The Financial Conduct Authority does not regulate taxation and trust advice. We are entered on the FCA Register No: 504571 at www.fca.gov.uk/register. The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK. The value of investments and income can go down as well as up and you may not get back the full amount invested. Should you have cause to complain, and you are not satisfied with our response to your complaint, you may be able to refer it to the Financial Ombudsman Service, which can be contacted as follows: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR. Tel: 0800 023 4567 or 0300 123 9123, www.financial-ombudsman.org.uk.
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