I am sorting my dad's estate out - he passed away recently and my mother several years ago.
My father has no will and there are 4 children (including me).
After inheritance tax is paid, my understanding is the estate (which includes more than one property) is split equally between all 4 children in terms of ownership.
If we want to change the ownership, we need to do Deed of Variation and there would be capital gains tax payable if for example property A passes from a, b, c passes to c.
I am worried about differing valuations for inheritance tax and when the property maybe transferred and hence a large potential capital gains tax bill for c in the above scenario.
What would the wise and knowledgeable advise ? Transfer immediately to avoid variations in capital gains tax ? any other advice ?
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