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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34233
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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My wifes uncle transfered the deeds to his house 5 years ago.

Resolved Question:

My wife's uncle transfered the deeds to his house 5 years ago. We are executors of his will and have power of attorney. He is 92 years old. When he dies do we have to pay inheritance tax on the house.
Submitted: 3 years ago.
Category: Family Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How much is the house worth and how much is the rest of his estate worth?
Clare
Customer: replied 3 years ago.

The house is worth £180,000 and the rest of the estate is approximately


£200,000.


 

Expert:  Clare replied 3 years ago.
Hi
Unless the Uncle dies within the next two years there will not be a problem as the property will NOT form part of the Estate for Inheritance tax purposes.
If he does die within the next two years then it will BUT taper relief will be available at either 60% or 80% of the amount due depending on how many years he survives
More details here
http://www.hmrc.gov.uk/inheritancetax/how-to-value-estate/gifts.htm#4
Please ask if you need further details
Clare
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