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Inheritance Tax
johnsmith1964
Posts: 1 Newbie
in Cutting tax
Hi new on here and what a good site, anyway the small problem relates to inheritance tax.
My 2 brothers and I have inherited my late fathers estate which compsises of cash aprox £270000 and a house valued at aprox £230000 making an estate value of £500000.
The cash has been split between the 3 of us not a problem, but the house has been left to ourselves and my fathers partner ie a qurter share each, and is written in the will that she can live in the house rent free untill she dies, which could be 20 years all she has to pay is running costs.
We have now been informed by the tax man that we have to now pay inheritance tax on the estate which amounts to aprox £100000,
would this figure be correct since we cannot benifit from the house for upto 20 years thanks in advance for you advice John.
My 2 brothers and I have inherited my late fathers estate which compsises of cash aprox £270000 and a house valued at aprox £230000 making an estate value of £500000.
The cash has been split between the 3 of us not a problem, but the house has been left to ourselves and my fathers partner ie a qurter share each, and is written in the will that she can live in the house rent free untill she dies, which could be 20 years all she has to pay is running costs.
We have now been informed by the tax man that we have to now pay inheritance tax on the estate which amounts to aprox £100000,
would this figure be correct since we cannot benifit from the house for upto 20 years thanks in advance for you advice John.
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