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Do i have inheritance tax to pay?
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Don't muddy the waters - it's been his primary personal residence for the entire time he's owned it, so there's zero CGT liability either.
If it had been let out, then CGT would be due on the difference between the probate value (the value at which he's deemed to have come into possession) and the current value - the 1980s sale price would be somebody else's problem entirely.
Sorry I wasn't trying to, I agree with you.
I meant I wonder if that is what his family are getting confused with!
No tax to pay so you can sell without worry of a tax bill.Ageing is a privilege not everyone gets.
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Presumably the solicitor did not just 'hold the will' but was the Executer of the wills?
Please confirm.
It seems unlikely that you were the Executer, or you would already know the answers to many of the questions you've asked! However. please confirm you were NOT the Executer.
It seems almost certain that the solicior applied for Probate, since he could not transfer the house into your name without Probate.
And he would not have been granted Probate without first paying and Inheritance Tax that was due.
So it seems likely the property is now yours, clear of any IT.0
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