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IHT
corams
Posts: 1 Newbie
in Cutting tax
My mother will shortly move into a care home. If she decides not to sell her home, will the additional IHT allowance of £175,000 on the passing on of a family residence still apply on her death even though she will not be living in the family residence? If it does, will this still apply if she decides to rent the house out while she is in the care home?
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Comments
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Yes.corams said:My mother will shortly move into a care home. If she decides not to sell her home, will the additional IHT allowance of £175,000 on the passing on of a family residence still apply on her death even though she will not be living in the family residence? If it does, will this still apply if she decides to rent the house out while she is in the care home?
Is her Estate going to be liable for IHT in the first place?0 -
It will also still apply if she sells it under the downsizing rules. Renting it out is not something that she should do without a full understanding of the responsibilities she will be taking on as a landlord.0
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