Inheritance tax

[dzariman]

My currently mother owns a property (apartment) in London which was bought sometime in the early 90's. The property is under her name (sole owner) and is fully paid to date. However, she has been living in Malaysia all this while and has never resided in the UK, apart from occasional holiday visits for a week or two from time to time. My father had passed away back in 2014 but he never had any shares/ownership to the property. Below are my queries:

1) Is my mother considered to be a 'non-domicile' owner to the property?

2) Will the property be affected with inheritance tax if she passes, considering she is domicile or non-domicile in the UK?

3) I have two other brothers, hence she was thinking if it is possible to put either one or all three siblings as joint-owner(s) to the property? If yes, what are the implication(s) to the inheritance tax should she passes away?

4) Should my mother passes away and if the property is affected with inheritance tax, what are the options do we have (as her sons/heir) to reduce/minimize inheritance tax should we decide to sell the property?

Thanks

[maths]

1) Is my mother considered to be a 'non-domicile' owner to the property?

Not necessarily. However, if she is a Malaysian national and not also a British national then she may well be a non-UK domiciled person.

2) Will the property be affected with inheritance tax if she passes, considering she is domicile or non-domicile in the UK?

Under either, yes, the property is subject to IHT. However, only the excess over £325,000 is subject to IHT at 40%.

3) I have two other brothers, hence she was thinking if it is possible to put either one or all three siblings as joint-owner(s) to the property? If yes, what are the implication(s) to the inheritance tax should she passes away?

The transfers of a part interest from mother to each child will only fall subject to IHT if she died within 7 years of making the gifts. However, each child on their death would also potentially have an IHT liability.

4) Should my mother passes away and if the property is affected with inheritance tax, what are the options do we have (as her sons/heir) to reduce/minimize inheritance tax should we decide to sell the property?

[maths]

What is the property worth?

[Mermaid]

Hi all, and advance thanks if anyone can tell me the anwer...if someone owns a property under £200000 has 4 kids and then dies..no husband and a will written to divide it in 4 shares... Would the kids have to pay some sort of Tax?...4 kids are 21 and married no kids...20..19....17years old. Whats the procedure going to be.
Mermaids

[AnthonyR]

If it is just the property in her estate (ie no savings or other assets) and the property is worth £200,000 then it is below the IHT threshold and no tax is payable.