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Additional Details
I would like to just pay what I owe, if I owe, by A... |
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Additional Details
he thiks because of me his father is scolding him. he is feard about my brothers ... |
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 Jobs seekers allowance? |
Is this right?
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Rob W | Problem with inheritance tax, passing House to children? |
My partners mother died a few years ago passing her two thirds of the family home onto my partner with my partners father owning the final third.They both resided in the house until recently when her father died leaving the final third to my partner. She was told that inheritance tax is liable on the entire property as her father had access to her two thirds of the home.Is this true?? .I consider this unfair as my partner was left her share by her mother and she has lived in the family home her entire life.We have searched everywhere on the web for answers but we cannot find a case like this, any help will do, thanks Rob |
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london lady
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If your husband was a Trustee of the land before his mother died, then he does not have to pay a penny of inheritance tax. But if he wasnt a Trustee of the land before she died, then he will have to pay the whole 40 odd % tax unfortunately. |
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Deltic21
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You really need a good tax lawyer and it would be worth paying for their advice. IHT is pernicious, a tax on the dead, and hopelessly unfair. Good luck. |
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Debs
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I am sorry to say, its true, its called a gift with reservation of benefits, get some tax advise, you can pay the tax over 10 years if the cash to pay it is tied up in the house and you don't want to sell it. Tax advise is useless after the event, I try to tell everyone, don't ever do anything BEFORE getting tax advise. If your father had paid you rent for living in the house, you could have avoided the inheritence tax. |
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kerfitz
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I'm not quite sure I understand the question. Your partner now owns the entire house, passed down from her parents (although it was done piecemeal the result is the same) If this is correct, then yes she probably owes some inheritance tax (but look for exemptions and limits she may not owe any if the house isn't worth too much). |
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putonyourflipflops
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All assets are covered by inheritance tax at 40% I am not sure of the exact amount but I think it is 285k today and will rise a pathetic amount in a couple of years.This includes the property so tax has to be paid.The situation has become so ridiculous now that people are having to take out mortgages on family homes to pay the tax bills.Normal people who are not upper class across the country are affected by this tax and were never meant to , but it has not been updated in line with property inflation and is totally unfair.It raises an extra 5 billion for Gordon Browns coffers!You have my sympathy but you have no choice seek legal advise to get it sorted. |
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suerye
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I think you need to go back and look at what proportion of the house was taken into account in the mother's estate. The proportion she left to her husband would have been exempt (as between spouses), but the part left to your partner would have been chargeable.
If you can prove that this was the situation on the mother's death, then I would guess you have a case for the same proportions being used at the father's death.
Who told your partner the whole house would be included in the father's estate? Was this official HMRC ruling or what? |
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uktax
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this is a case where you want to talk to a tax consultant who can steer the solicitor, and the capital taxes office, in the right direction. its a small price to save a lot of tax.
please note that cgt is a separate issue. when house is sold daughter has acquired 2/3 at time of first death and may have a substantial capital gain that isn't exempt as her main residence UNLESS mother / partner had written the 2/3 in trust with father having a right of occupation. |
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MrFinance
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Yes I am sorry to say this is true. Even though it was given to your partner, his dad still had the use of the house which makes inheritance tax liable. The way around this would have been for his dad to pay some kind of rent. |
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