inheritance tax

Tom99

tonto521 wrote: »

Thank you. Yes we did use up fathers IHT allowance. Do we also have to pay capital gains tax once the house sells?

[FONT=Verdana, sans-serif]Is the house still in the name of the estate or has it been transferred to the beneficiaries?[/FONT]
[FONT=Verdana, sans-serif]That will make a difference as to who is liable for CGT.[/FONT]

tonto521

Thank you all for your help. I think the house will sell for less than valued so I guess no CGT and perhaps a rebate on inheritance tax

badger09

ArriusLion22 said:

Whether or not sums received by the estate for personal injuries should be brought into account depends on the nature of the payment received.

The following are taxable

(IHTM10264) Payments under the Law Reform (Miscellaneous Provisions) Act 1934

The following are not taxable

(IHTM10265)Compensation under the Fatal Accidents and National Insurance (Industrial Injuries) Acts

(IHTM10266) Ex gratia payments for Tort committed by a member of the Armed Forces of the Crown or the United Kingdom’ Forces

(IHTM10267)Ex gratia compensation payments made by the Criminal Injuries Compensation Board.

I think you've posted on the wrong thread.

The previous post was made in August 2018! and concerned property, not personal injuries payments.