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Any taxes to pay?
hels123_2
Posts: 443 Forumite
My mum passed away 2 years ago, my dad has decided to sell their house.
I am a beneficiary and will be getting half the money. There is no IHT to pay, but just wondered when the executor pays my share to me will I have to do anything? Will there be any taxes?
I don’t know what the house was worth when mum died.
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Did your mother leave here share of the house to you but giving your father a life interest? If she did her share of the house is legally owned by an immediate post death interest trust and your father is the beneficial owner. This would be the normal way of doing things as it protects both the surviving spouse and beneficiaries interests and also avoids any CGT liability for the eventual beneficiary.hels123_2 said:My mum passed away 2 years ago, my dad has decided to sell their house.I am a beneficiary and will be getting half the money. There is no IHT to pay, but just wondered when the executor pays my share to me will I have to do anything? Will there be any taxes?I don’t know what the house was worth when mum died.
Where is your father proposing to live after the sale?1
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