Do I need to pay inheritance tax?

loftty_2

My great uncle left me his assets and his property, which I am currently trying to sell. what I need to know is do I need to pay inheritance tax? Is the value of my own property and assets take into account along with his? Very roughly he left me around £90,000 money/bonds/shares and his property is valued at £150,000. Any help would be appreciated. Thank u

stevenjhepburn

There is no inheritance tax on estates up to £325,000. See http://www.hmrc.gov.uk/rates/iht-thresholds.htm

stevenjhepburn

The value of your assets are not considered. It's the total of your uncle's estate only.

loftty_2

I thought it was strange when someone said my property was included. Thanks that has eased my mind

troubleinparadise

There are instances where you have to pay Capital Gains tax if you sell a property you have inherited.

Read about this here:

http://www.hmrc.gov.uk/inheritancetax/tax-when-you-inherit.htm

G_M

YOU do not pay any inheritance tax.

The Executers of your uncle's will pay IT,out of his Estate.

The Executers calculate the total valueof everything he owned (property, savings,investment, personal items etc).

Then they pay any debts he owed (using his assets to pay).

Then they take into account the IH threshold (see stephen'spost above).

Then tax is paid on what is left (again, using the assets in the Estate topay, so again YOU do not pay.

Once all that is done, Probate can be granted and what is left over is given tothe Beneficiaries (you).

I suggest you go to your local library and borrow (free) a book on wills and estates.

googler

As GM suggests, if you're not the executor, it's not your problem.

The executor settles inheritance tax based on the value of the estate.

Are/were you the executor?