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Inheritance Tax advice please

rsmart84_2 · 2011-04-26 19:43:56

I really need some help please. My granddad is selling his house to give his 3 children the money (1 of which is my dad). I think they’re getting £40000 each and I’m worried that my dad does not understand how the tax works. Could anybody give me some advice please on how we can avoid the tax (legally) or were I should go…

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John_Pierpoint Posts: 8,401 Forumite

30 April 2011 at 6:35PM

Don't forget that the PET's eat up the exemption amount (nil rate band) for IHT. So only if they are worth more than that (currently 325K), does the tapering of IHT over the 7 years come into play.

http://www.hmrc.gov.uk/inheritancetax/how-to-value-estate/gifts.htm#3i

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Inheritance Tax advice please

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