Your help would be so appreciated.
My Dad gifted his house to me and my brothers, we're all joint tenants and own 1/4 of the property, the house was Gifted in July 2015, my Dad passed away in August 2018, the house was in our names for just over 3 years. My Dad continued to live there for the last 3 years. We all still live there and are the best of friends.
The house was owned outright with no mortgage.
My Dad paid every bill during this 3 year time, his choice as he had numerous pensions paying out.
Is this seen as a gift with exemptions or as he was paying all of the bills, as a gift with no exemptions?
I'm sorting out the probate paperwork, pending the chartered surveyors report the house will be worth £540K -ish
He has a £325K thresh hold.
Will we pay 34% IHT on the house as it was 3 years into the 7 years or is it a gift with exemptions and the whole house will fall back into his estate for 40% IHT?
My question is for probate can I claim £325K, + 125K RNRB and only pay 34% on the property
or £325K +125K RNRB and 40% IHT? Can you still get RNRB When a house is passed to children and it was on the taper scale of a gift?
Many thanks, there's many things on the internet for each of these issues but not when they're all combined.
Jerome
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