How do gifts out of surplus income reduce inheritance tax?
Q. I am the beneficiary in the will of a relative who recently died in the US. She is British by birth but has lived in the US for more than 60 years. Will I have to pay inheritance tax on this bequest?
My second question is that my wife and I are both in our nineties so our family is unlikely to benefit from the seven-year rule on any gift to them. How can I make 'the gifts out of surplus income rule' work for me?Name and address supplied
It's unlikely that you will have to personally pay inheritance tax on the bequest. In the UK at least, your relative's executors would be required to pay any inheritance tax from the estate as
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