Inheritance tax

getmore4less

Mojisola wrote: »

What's wrong with it?

No, I was wrong I read it in the wrong order.

worn_down_2

Can anyone help- my husband passed away leaving a property abroad to our son ( cultural inheritance passes from father to eldest son). I believed this was exempt from IHT as the property has no monetary value (as family land) and will pass from my son to his son. Is my assumption correct or is it liable to IHT?

On_My_Lonesome

Hi Worn Down,

Sorry to hear of your loss.

There are a few more details that will be needed to help you.

Was your husband UK resident and domiciled on his death?

Is the property held as an asset of a trust or was it owned by your husband outright?

You say the property has no monetary value, could you explain that a bit more please as property does usually have a value.

Any

How can a property have no value? I don't think you realise what "value" means. Something is not without value just because you would not sell it.

Value is the amount you would get for it if it was open to sale. No matter you wouldn't do it, that has nothing to do with anything.

John_Pierpoint

Unless the land it is covered with a toxic waste, such as Japanese Knot Weed.

Any

Not sure Japanese knot weed would make it completely worthless.. I've seen a program on TV where they cooked with the stuff!!:-))

I suppose there could be such a thing as value less property.. just the way OP explained it it seems they thinl it is for the wrong reasons..

margaretclare

worn_down wrote: »

Can anyone help- my husband passed away leaving a property abroad to our son ( cultural inheritance passes from father to eldest son). I believed this was exempt from IHT as the property has no monetary value (as family land) and will pass from my son to his son. Is my assumption correct or is it liable to IHT?

Assuming your son has a son. Not every father has a son! What happens if he has daughter/s? Or even no children at all? I know many men who have no sons.

I thought we were living in the 21st century, a new millennium. This all sounds a bit medieval.

le_loup

All property has a value. The fact that you wont sell it does not make it valueless.

hcb42

margaretclare wrote: »

Assuming your son has a son. Not every father has a son! What happens if he has daughter/s? Or even no children at all? I know many men who have no sons.

I thought we were living in the 21st century, a new millennium. This all sounds a bit medieval.

It's a different culture, not everywhere shares our values..although even our royal family, the men are prioritised.

dzug1

'Property abroad' should ring alarm bells in worn down's case - as there will be the tax systems and inheritance laws of both countries to consider. Expert specialist advice needed I think