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CGT/ Inheritance tax situation
Comments
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Well we both know quite a few people who have died of Covid and she's been meaning to do it for a while.
You might care to read that sentence again........
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If you paid off the mortgage that's a start for beneficial interest.
How much was the mortgage and the house worth at the time?
A combination of benefitial interest and gift would work.
Nil rate bands will exempt the first £500k.0 -
OP, you paid off the interest only mortgage? So your mum paid off the capital sum owing from her own funds?
Estate is approx £680K (property and savings)? Any other assets?
NB: you won't have to pay any IHT, if due. IHT is charged to the estate. At present, the liability appears to be around £180K, so £72K.
You are still inheriting the property, even though you may possibly have a beneficial interest in it. Has your mum made a will?
Definitely worth your mum taking professional estate planning advice, with the property being key.
No free lunch, and no free laptop
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