Dear Friend,Hello and welcome again. Thank you for your appreciation. Sorry for a day's delay in replying back as I was travelling.
YES -- that is what I meant. 400,000 would split 50:25:25 and each individual will arrive at a amount of capital gain. Out of this, each one of you will deduct the amount of spent as cost and thus arrive at TAXABLE Capital Gain amount.
IHT implication would be similar on the remainder of estate of 78,000. That is being inherited by your father in full and he will thus arrive at a capital gain on that amount separately from the sale of house. Again, whatever asset this 78,000 is -- its fair value at the time of transfer to your father will form the cost basis for calculating the gain.
I am sure this would help.
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Hello and welcome again. Sorry if I missed out our question.From what I understand from your situation, no IHT becomes payable. Once you’ve received your inheritance, you may have to pay either income tax, capital gains tax or both, depending on what you do with your inheritance. In your case, since the property was not a income generating, it will be subject to only Capital Gains Tax.