am i right in thinking

[PAP]

in Feb 2000 my father made a tennants in common trust between himself me an my brother with equal shares in the property.
My brother and i did not live there and my dad lived there . He paid no rent but was responsible for the maintenance.
Does this mean only his third is calculated for IHT or because he paid no rent would it be the full value even though he was responsible and not ourselves for the maintenance.

[accountant@uktaxshop]

Pap,

Your fathers estate probably contains the whole value of the property, as this would normally be seen as a "gift with reservation" if a simple gift occurred.

If the value of the property and the remaining estate is less than £255,000 there will be IHT to pay. Your solicitor should be able to advise you further on this.

James Smith
Chartered Accountant
www.uktaxshop.co.uk
01284 764436