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Where Taxpayers and Advisers Meet

Inherited property to become the main residence

jeffsmart
Posts:1
Joined:Wed Aug 06, 2008 3:03 pm

Postby jeffsmart » Sat Jun 14, 2003 1:39 pm

Hi,

I wonder if you can help...basically my partner has inherited her fathers house and his estate has been wound up and iht has been paid in full to the inland revenue...somebody recently mentioned to me that if the inherited property is to become the main residence...(of which it is, as am in the process of moving)then the rate of iht paid to the IR is reduced......is this true?

Nigel Lord
Posts:518
Joined:Wed Aug 06, 2008 2:18 pm

Postby Nigel Lord » Wed Aug 06, 2003 3:51 am

jeff

No.

There is a CGT advantage but no Inheritance Tax effect.

If you require any further assistance please do not hesitate to contact us, and we will be happy to act on your behalf.

Nigel Lord
Lord Associates
Taxation & Business Consultants
Caxton House
Old Station Road
Loughton
Essex, IG10 4PE
020 8418 9101 & 07769 931852
mail@lordassociates.co.uk


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