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inheritance tax
My assets total around £450,00. If I leave half my house valued at £400,00 to my son and the rest to my live in partner will inheritance tax be due?
Comments
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Depends.
Are you married to your partner, and will you give them a right to live in the house for life prior to ownership then vesting in favour of your son?
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I think you have left a '0' off those figures?
Assuming you have, do you have £450K in non property assets and a house worth £400K - so £950K altogether? Or is it £450K including the house ?
Are you married to anyone - your current partner, or an estranged spouse ?
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You give far too few details for anyone to give any real help. If you are not married or have a civil partnership to your partner then that is something you might like to think about unless you are widowed from a former spouse and can use the transferable NRBs from their estate.
So what is your marital status? Does your son already own his own home?
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