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inheritance tax and capital gains tax
Ann_Reed
Posts: 18 Forumite
do you have to pay inheritance tax and capital gains tax I will be inheriting property within the coming year. I know I will have to IHT. The property will be about 700,000 pounds. Would I need to pay capital gains tax if I sold the property within the year.
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Comments
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In what respect? - you might be better off asking on the tax board if you have a general question about IHT and CGT. If you just want to know out of interest whether or not people on the DFW board will have a liability to IHT and CGT then you will probably get few responses!Successful women can still have their feet on the ground. They just wear better shoes. (Maud Van de Venne)Life begins at the end of your comfort zone (Neale Donald Walsch)0
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IHT is based upon the value of assets upon death.
If those assets then increase in value, then CGT may apply.
You will need to provide more information if you require a more specific answer.[FONT="]Public wealth warning![/FONT][FONT="] It's not compulsory for solicitors or Willwriters to pass an exam in writing Wills - probably the most important thing you’ll ever sign.[/FONT]
[FONT="]Membership of the Institute of Professional Willwriters is acquired by passing an entrance exam and complying with an OFT endorsed code of practice, and I declare myself a member.[/FONT]0 -
I dont know if I should sell the property soon after the death. I will have to pay IHT on this amount. If I keep the property for around a year. I will have to have the cottage cleaned out and 10 acreas of land mowed and made tidy. It has lots of blackberry and bracken etc growing on it. It wont be an easy job as I have to come from New Zealand upon the death of the relative and sort everything out. Cheers0
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I think this needs moving to the tax board.Successful women can still have their feet on the ground. They just wear better shoes. (Maud Van de Venne)Life begins at the end of your comfort zone (Neale Donald Walsch)0
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Why is this being posted on DFW????!!!0
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I agree this should be on the tax board. But one thing I wondered was are you a New Zealand resident or are you a UK resident and just visiting NZ?0
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Previous posts suggests the original poster is a NZ resident. She posts irregularly so she probably hasn't realised she hasn't posted on the most appropriate board. Hopefully someone on the other board will be able to help her more.0
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thanks everyone for your information I will post on the tax board. Yes I am a New Zealand resident/citizen. My mother was born in English. She was an english citizen. She married my father in 1945 after the ww11. All my grandparents were english citizens. My father was born 3 months after the ship arrived from England in 1910.0
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I know very very little about tax, but doesn't being a New Zealand resident and NZ tax payer make a difference to the situation? I would think you need specialist advice to make sure that you organise your affairs in the most tax efficient way.0
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