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Where Taxpayers and Advisers Meet

Inheritance tax dispute

Posts: 9
Joined: Sat Feb 10, 2018 1:14 am

Inheritance tax dispute

Postby worldlyman » Tue May 07, 2019 12:32 am

I am writing for general advice on what to do if there is a situation where both parents have passed away and no will is written.

They held several properties in their name, some of the children (who should get equal estate shares after tax) claim to have contributed money to certain properties or use them. One of the siblings is quite forceful that she doesn't want ownership of the all the properties but wants to use them for rent purposes - though the others find her abit of a difficult character and don't trust her abilities to manage the properties. We are hoping we can pay the tax bill off without having to sell the properties but need to see the calculation values.

How would others advise resolving this dispute as changing ownership from equal shares (i.e. I assume all our names on everything) would be to involve a lawyer and deed of variation (ideally before paying inheritance tax, especially as later sales price may be less than current sales price and so lead to capitals gain tax for involved parties) ? Is there anything we can use to specific how properties are used ?

Posts: 95
Joined: Mon Mar 11, 2019 4:22 pm

Re: Inheritance tax dispute

Postby Jholm » Tue May 07, 2019 8:31 am

This sounds more like a legal matter than one of taxation to be honest.

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