Is hundred thousand pounds thetotal value of the house? What other assets does your mother have? When didyour father die?
Has your mother left her halfof the house to you?
I need to know the total valueof the house and all the other assets. Is that £1 million in total? Did youinherit his half of the house when he died? How much was that half of the houseworth six years ago?
So, six years ago, father left you half a house and thathalf a house was worth 307,000?
In which case, as the inheritance tax limit in 2007 was £300,000,you should have played some inheritance tax. If he died before 6 April 2007. Itwould be based on £285,000.
For the purposes of tax when your mother dies, thecurrent threshold of £325,000 is added to your father's threshold when he diedand inheritance tax is based upon those figures. There is a double allowance ineffect for mother and father
Can I help further?
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If you add £300,000-£325,000. It gives a threshold of£625,000.
So inheritance tax will be paid on all the asset over£625,000 and paid at 40%