How much do you pay in tax on inherited property?
Asked on Nov 25 2010,
Home Finance in Edinburgh |
You don't actually pay anything. However, if the estate is valued over £312,000, inheritance tax (IHT) of 40% is charged. Also any property given away within the deceased's final 7 years of life is taxed at 20%. If the only thing in the estate is the property, then it will have to be valued and sold to raise the IHT. Obviously if you pay the IHT yourself, you keep the property.
Web reference: http://www.hmrc.gov.uk/cto/iht210a_1.pdf
Answered on Nov 26 2010,
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