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Inheritance tax question
Comments
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Three quarters of a million quid in the bank will pay rent for quite a long while, even in central London.the_flying_pig wrote: »his attachment isn't so much to any particular neighbor as it is to the neighbourhood as a whole including the streets he's plodded along every day for 65 years, the family-run local shop, etc, etc.0 -
the_flying_pig wrote: »yeah, I know but, I mean, it's the only house he's ever lived in, doesn't have loads of friends so current neighbours are quite important to him...
So ... move on within the local neighbourhood, surely?0 -
Equity release to pay an IHT bill is madness. If the house is run down now it is only going to get worse, and he will be living like a pauper, despite sitting on a small fortune.
I would not even mention this too him. If a tax bill forces him to sell and move into better, more suitable accommodation he will benefit in the long run.0 -
Unless, of course, he releases enough to spend some on the property as well.Keep_pedalling wrote: »Equity release to pay an IHT bill is madness. If the house is run down now it is only going to get worse, and he will be living like a pauper, despite sitting on a small fortune.0 -
I don't know whether it's of any use to him but there is an option to pay by instalments: https://www.gov.uk/paying-inheritance-tax/yearly-instalments0
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If they're happy living like that, who are we to judge?Keep_pedalling wrote: »True, but judging from the terrible state the 2 houses owned by never left home bachelors who live near me, I think that unlikely to happen.0 -
I don't know whether it's of any use to him but there is an option to pay by instalments: https://www.gov.uk/paying-inheritance-tax/yearly-instalments
cheers, tho honestly even spreading it over 10 years would be too steep given his fairly modest income.FACT.0 -
Who's the Executer?
Declare the house value as £325,000.
You never know - HMRC might accept it.........!0 -
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