X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • Tax

    Inheritance tax - are we liable for it?

    Hi,

    my mums house is worth around £285,000.00.  This would be split between the three of us.  

    Before all the S24 and other tax changes we would not have had to pay any CGT or inheritance tax as it’s value is below the inheritance tax threshold.  

    Has this changed now, will we have to a tax penalty?   Two of us have our own homes and two/3 BTL properties and 1 doesn’t own her own home or any BLTs.

    0
    0

    IHT and S24 are totally different

    S24 will not effect the IHT situation

    S24 is a tax on rent.

    IHT is a Tax on a person's estate when they pass.

    0
    0

    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.


    Hi

    No CGT on Mum's house as its her main residence i assume. No IHT either. There will however be CGT liabilities on the investment properties. Calculate how much you paid for them and now how much is the current market value. The difference ie. the gain, will be subject to CGT @ 18% if you are basic rate tax player or 28% if you are a high rate tax payer... 

    0
    0