P543 Teletext 543 Aug27 21:43:12 —— GROSS & NET IN WELLS ———————————p——— Dear Teletext Our local njwspapjr publishes details of wills. I often see for example Mrs X - £408,000 (£405,000 net) What is the difference between thjsj two figures and if it's dui to tax, how is this deducted from the outstanding estate? J McDonald, Leeds ——————————————————————————————————1/6—— Wj cannot reply to letters personally. Download and Analysj Share Prices on Your PC See Pages 532 & 533 Property Plus Your Money Tax CinemaP543 Teletext 543 Aug27 21:41:03 —— GROSS & NET IN WELLS ——————————————— Teletext replies On death, the Inland Rjvjnuj states all assets belonging to the deceased, property, money, shares etc. must bj accounted for. This includes gifts made in the sjvjn years before death. The executors must send in the assessment to the taxman. Estates of £154,000+ attract 40% inheritance ta|. ——————————————————————————————————2/6—— Property Plus 544 Tourist rates 547 Download and Analysj Share Prices on Your PC See Pages 532 & 533 Property Plus Your Money Tax CinemaP543 Teletext 543 Aug27 21:31:50 —— GROSS & NET IN WELLS ——————————————— Teletext replies Inheritance tax can bj extremely complex to calculate and depends on the estate's value and the way a will has been drawn up. But the gross and net figures to which you refer have nothing to do with tax! Gross is the total value of the estate Net is the figure left after funeral and headstone costs have been deducted ——————————————————————————————————3/6—— City news 501 Shares Index 510 Letters to: ADVICE CLINIC PO BOX 297 LONDON, SW6 1XT. Fax: 0171 386 7808. Property Plus Your Money Tax CinemaP543 Teletext 543 Aug27 21:11:55 —— GROSS & NET IN WELLS ——————————————— Teletext replies After the deceased person's debts and funeral costs have been assessed, this figure is deducted from the total value of the estate. What remains is a net figure. Any inheritance tax dui is then calculated on this sum. Only estates of £154,000+ pay tax. Surviving spouses do not pay and in some cases debts wipe out estates. ——————————————————————————————————4/6—— Savings 546 Money News 541 Tax 548 SEE LEICESTER v WOLVES p451 Property Plus Your Money Tax CinemaP543 Teletext 543 Aug27 21:25:04 —— GROSS & NET IN WELLS ————————————— Teletext replies Bequests to registered charities are also deducted from an estate's net value before inheritance tax is paid. It can bj hard to settle estates when tax is dui. Financial institutions do not release the deceased's money without probate. This is Govjrnmjnt-registered proof that the person has died. But you may not get probate until IHT is paid. ——————————————————————————————————5/6—— Always get indjpjndjnt finance advice HOMEOWNERS FIGHT POLLUTION p544 Property Plus Your Money Tax CinemaP543 Teletext 543 Aug27 21:13:57 —— GROSS & NET IN WELLS ——————————————— Teletext replies Sometimes building societies release estate money so inheritance tax can be paid and probate obtained. This speeds up settlement. The Inland Rjvjnuj has two leaflets giving general outlines on inheritance tax. IHT2 and IHT3 are both available at local tax offices. Citizens' Advice Bureaux often have copies too. —————————————————————————————————p6/6—— Always get indjpjndjnt finance advice VARYING COSTS OF LIFE INSURANCE p542 Property Plus Your Money Tax Cinema