My parents flat was their main residence and the only property they owned.
My mother passed away in 2006 and gifted her 50% share of the flat, owned as tenants in common with my father, to my brother and myself in equal shares. Therefore subsequent to my mother's death my father continued to own his 50% of the property and my brother and I each became 25% owners, as tenants in common. At the time of my mother's death her 50% share was worth about £187K, which was under the NRB which was £285K at the time. The remainder of her NRB was used up by other gifts, with any excess over the NRB going to my father.
My father continued to live in the flat until 7 months before his death earlier this year. Neither my brother nor myself occupied the property as our main residence at any time. We each have our own homes.
I am trying to establish what the IHT position is on the flat now. Am I correct in thinking that my father's estate will include only his 50% share of the flat and that therefore this is the value that has to be entered on the tax forms? In other words can we ignore the 50% owned by my brother and myself for IHT purposes?
Would appreciate any clarity on this matter. Many thanks in advance!
- Home
-
Tax News
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice and Methods
- Professionals in Practice & Industry
- General
- TaxationWeb
-
Tax Articles
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings and Investments, Pensions and Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice & Methods
- Professionals in Practice & Industry
- General
- Tax Tips
-
Tax Forum
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations and Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practices & Methods
- Professionals in Practice & Industry
- General
- Tax Jobs
- Get in Touch