wannabeeahack wrote:
This week saw the passing of comic legend Ken Dodd, and while friends, family and fans mourn his loss, one of Dodd’s final actions could be interpreted as a final joke at HMRC’s expense.
Two days before his death the comedian married long-term partner Anne Jones, with whom he had shared his Liverpool home for the past 40 years.
While the couple were reportedly delighted to have finally tied the knot, the action also avoided a potential inheritance tax bill of up to £2.6m.
With Dodd worth an estimated £7.2m, without the marriage the estate could have been liable for a 40% rate of IHT, whereas assets can be passed between married couples free of inheritance tax on death.
The nil-rate band for inheritance tax is currently £325,000, while homeowners have a residence nil-rate band at £100,000 if the home is left to a direct descendant.
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