Property - inheritance tax

snooping_around

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Archi_Bald

Your parents are a mere late 50s and you are contemplating how to inherit most from them? They could live for another 40 or 50 years, and they may want, or have, to spend all their assets.

You can read up all about inheritance tax on the HMRC website. http://www.hmrc.gov.uk/inheritancetax/

bigadaj

Best way is to get them to sign the house over to you and then kick them out.

Archi_Bald

OP, you asked essentially the same Q a month ago. What answers didn't you like then?

https://forums.moneysavingexpert.com/discussion/4126387

I notice you also have a habit of replacing all your posts with "................." - may be that's why you can't remember that you have already asked the same Q?

bigadaj

Actually a year and a month ago.

Their user name sounds appropriate though.

Mojisola

snooping_around wrote: »

My dad fully owns the property we (my parents, brother and me) live in. I am worried since he is sole owner this may not be great for inheritance purposes. What is the best way for the property to be owned in order to pay the least inheritance tax in future? Do I need to consider CGT as well?

Is it better for my mum to also own it as joint tenants or better to have her as tenants in common and have 50-50 share? Is it better to have me and my brother's name on it as well?

Parents are late 50s so we need to start thinking about this sort of thing.

As Archi says - your parents are still young and may live for many years yet! They may also have plans to spend their money themselves.

Between them, your parents can have an estate of 2 x £325,000 at today's levels before their executors have to think about IHT.

CGT won't have to be paid by them on their home but, if they make you and your brother part owners, you two might need to pay it when the house is sold, depending on its value.