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Parents gifting their house to me
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purdyoaten wrote: »I think we are on the same page here! If the house is owned by the parents as 'tenants in common' is the not the case that each parent has gifted an asset worth £375k and each would have to live for seven years in order for their gift to 'fall out' of the estate? If held as 'joint tenants' the house would have passed to the surviving spouse and, at first death, would not have formed part of the estate for IHT. Or am I wrong?
Only when owned by them at the time of death,
AIUI now that is is gifted even as joint tenants 1/2 the value of the PET will fall into the estate and not be exempt using up the nil rate band, only the bit over £325k gets the taper relief.0 -
Both you and your sister need to start IHT planning as you are both over the nilrate band with just this house gifted.0
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