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will i loose benifits if i buy a house?
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housebuyer5002 wrote: »would like to know more about inheritance tax if you have any info? if they die within the next 7 years(hopefully not) would I have to pay the inheritance tax straight away.If they leave me anything will it come out of that.just asking incase...so im prepared.thanks in advance
Any inheritance tax would be due on your parents' estate so it's an issue for them, not you.
Roughly, and assuming that your parents are married, unless they have a joint estate of £650,000, including the gifts they have handed out in the seven years before the deaths, they don't have to worry. Read up on it -
https://www.hmrc.gov.uk/inheritancetax/intro/basics.htm0
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