Advise about tax avoidance on assets that will never be realised.

Zade_2

I am an executor and beneficiary of my late mother's estate. I own my own home but have no real cash after paying the mortgage each month or savings. We submitted probate but the final tax amount is still not resolved. My mother had 50% interest in overseas assets of land that can't be owned by a U.K. Citizen. There will be no cooperation from my mothers x-husband who owns the title of the properties. It seams very unlikely if not impossible to sell or otherwise realise these assets even though the land is theoretically valued in the £millions now. I don't want to, and indeed can't afford to pay 40% tax on £millions of assets that I will never see a penny of. What can I do?

Yorkshireman99

Zade wrote: »

I am an executor and beneficiary of my late mother's estate. I own my own home but have no real cash after paying the mortgage each month or savings. We submitted probate but the final tax amount is still not resolved. My mother had 50% interest in overseas assets of land that can't be owned by a U.K. Citizen. There will be no cooperation from my mothers x-husband who owns the title of the properties. It seams very unlikely if not impossible to sell or otherwise realise these assets even though the land is theoretically valued in the £millions now. I don't want to, and indeed can't afford to pay 40% tax on £millions of assets that I will never see a penny of. What can I do?

If the overseas property cannot be held by a UK citizen why was it included in the estate valuation? You need paid for professional advice.

securityguy

"We submitted probate"

DIY? On a complex estate involving overseas land holdings whose title is difficult to convey?

Wow. That's confidence. Or something.

You should have had professional advice. You now need professional advice. You risk bankruptcy. At first glance, property that cannot be held by a UK citizen should not have been part of the UK estate submitted for probate. You need professional advice. Why on earth did you try to do it yourself?