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Where Taxpayers and Advisers Meet
Inheritance Tax and Property
-
emmamayalice
- Posts:1
- Joined:Thu Jul 05, 2018 4:09 pm
20 years ago my mother sold her house to buy a property with my husband and I. My mother lived in this property with us but didn't own it and her name isn't recorded anywhere. Am I liable to pay inheritance tax for this gift that she made 20 years ago?
Re: Inheritance Tax and Property
If she made a cash gift to you so you could buy the property then it's long since fallen out of account.
It could be deemed to be a gift with reservation as she lived in the house, but that would depend on the domestic arrangements over the years.
It could be deemed to be a gift with reservation as she lived in the house, but that would depend on the domestic arrangements over the years.
With a pinch of salt take what I say, but don't exceed your RDA
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