Spinster’s legacy subject to millions in IHT

The estate of a spinster who died at the age of 107 earlier this year paid more than £2 million in inheritance tax (IHT), it has emerged.

Louise Jane Robertson passed away in May, but the extent of her wealth has only recently been revealed.

Totalling £7,210,633.57, Ms Robertson’s estate was subject to a total of £2.4 million in IHT.

According to the Daily Record, included in the legacy was cash, investments and shares worth £6 million, her home worth around £750,000 as well as £40,000 in furniture and jewellery.

Charities that benefited from large donations from Ms Robertson included the National Trust for Scotland, the Royal Scottish National Orchestra and Marie Curie Cancer Care.

At present, IHT applies to the taxable value of an individual’s estate that is more than £300,000 (2007-2008 tax year) and is payable at 40 per cent, those wishing to learn how to avoid or reduce IHT payments may wish to seek legal advice on the matter.