We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.
Probate/inheritance tax
Comments
-
1 is 3/4 and 1 is 13....others are over 160
-
You've said minors and indicated under 16?
Was the deceased based in Scotland?
In England, the age of majority is 18 years.
If you've have not made a mistake, you've made nothing1 -
Any inheritance for minors must be held in trust until their 18th birthday (16th in Scotland). If any of them are inheriting a share of the house or if any of the adults are inheriting a share of the house do not already own their own home it would be very unwise not to sell otherwise they lose their first time buyer status and could end up paying a lot more tax when they do buy their own place.
1 -
Out of interest, what do you plan to do if you DON'T sell the house? We'll happily explain any other problems you may run into with those plans ...Signature removed for peace of mind0
-
Hi for clarification grand children are 4, 13, 16, 18 ,20 & 20 - based in England.
Property will be sold.0 -
Keep_pedalling said:pants04 said:All the beneficiaries are either children or grandchildren.
Are any of the grandchildren minors?If in doubt... do nowt.0 -
Yes, unless the beneficiary is resident in the property.
At present there are annual allowances that might reduce the tax but these were due to be nil.
This is why a beneficiary who is not resident but allows one who is resident to "delay" sale because they want to remain in family home can be hit by a double whammy. Even if the estate doesn't attract IHT.
The non-resident foregoes the opportunity to invest/reduce their debts. And when the sale eventually goes ahead, they have to pay CGT whilst the beneficiary who has benefited from the delay isn't liable for the tax.If you've have not made a mistake, you've made nothing0 -
CalvinHobs said:Keep_pedalling said:pants04 said:All the beneficiaries are either children or grandchildren.
Are any of the grandchildren minors?0 -
With regards to the possibility that IHT maybe greater due to the person being pre-deceased by their spouse, is there a time limit on this? Spouse died 37 years ago and relevant person only 1 month ago.0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.4K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.4K Spending & Discounts
- 241K Work, Benefits & Business
- 617.3K Mortgages, Homes & Bills
- 175.7K Life & Family
- 254.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards