intestant estate, probate and tax issue's

BIGGIE_999

i am dealing with the estate of my late father who didnt get round to writing a will. As most estates are unique and after doing ALOT of research i still have a few questions un answered.

Firstly my farther was divorced for 28yrs hade no partner/spouse and only 1 child (me).

The questions i have all relate to property and tax:

Property A: Was owned as "benificial joint tennents" between myself and him. unlike spouses/partners in this persition who do not have to include the value for IHT as no tax is liable, i might have to as im his son. (value 75,000) any info?

Property B: Was owned outright my my farther and purchased for £19,000 in 2002. it is now worth £85,000 so will i have to pay any tax on behalf of him as the value has increased some what (CGT)?

Property C: Was owned outright by my farther and inherited in 2007 by him (value at probate in 2007 £195,000) it is now worth £250,000. what if any tax might be owed on his behalf (CGT, IHT) if any?

Thanks in advance.

B.

Savvy_Sue

You might do better to ask the Board Guides here to move you over to the Cutting Tax board.

getmore4less

BIGGIE_999 wrote: »

i am dealing with the estate of my late father who didnt get round to writing a will. As most estates are unique and after doing ALOT of research i still have a few questions un answered.

Firstly my farther was divorced for 28yrs hade no partner/spouse and only 1 child (me).

The questions i have all relate to property and tax:

Property A: Was owned as "benificial joint tennents" between myself and him. unlike spouses/partners in this persition who do not have to include the value for IHT as no tax is liable, i might have to as im his son. (value 75,000) any info?

property becomes yours you need to put 1/2 (might be adjusted) the value on the IHT205/400 sub page)

Property B: Was owned outright my my farther and purchased for £19,000 in 2002. it is now worth £85,000 so will i have to pay any tax on behalf of him as the value has increased some what (CGT)?

no cgt

Property C: Was owned outright by my farther and inherited in 2007 by him (value at probate in 2007 £195,000) it is now worth £250,000. what if any tax might be owed on his behalf (CGT, IHT) if any?

no cgt

Thanks in advance.

B.

All need to be counted at current value, so £410k less 1/2 the £75k so £372500

whats the total value of the estate including the houses, only one nill rate band of £325k.

The trick is to get as high as possible but low enough to keep the estate below the nill rate band.

or as low as possible to reduce IHT.

BIGGIE_999

'The trick is to get as high as possible but low enough to keep the estate below the nill rate band.

or as low as possible to reduce IHT. '

Thats exactly what i thought. Thanks for the answers on the other questions though. now to tackle the forms