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Stuart J
Stuart J, Solicitor
Category: Law
Satisfied Customers: 22401
Experience:  PGD Law. 20 years legal profession, 6 as partner in High Street Practice
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Im tennants in common with my mother(my father left me his

Customer Question

I'm tennants in common with my mother(my father left me his half of the house),and I've always lived there (since a child) do I pay inheritance tax when she dies.
Submitted: 3 years ago.
Category: Law
Expert:  Stuart J replied 3 years ago.
What is the value of the property?
Customer: replied 3 years ago.
100,000
Expert:  Stuart J replied 3 years ago.


Is hundred thousand pounds the
total value of the house? What other assets does your mother have? When did
your father die?

Has your mother left her half
of the house to you?

Stuart J, Solicitor
Category: Law
Satisfied Customers: 22401
Experience: PGD Law. 20 years legal profession, 6 as partner in High Street Practice
Stuart J and other Law Specialists are ready to help you
Customer: replied 3 years ago.
Sorry I miss printed,the value is £1000,000,my father died 6 years ago and yes my mothers will leaves me the house ,and she has no other assets ,thanks
E
Expert:  Stuart J replied 3 years ago.


I need to know the total value
of the house and all the other assets. Is that £1 million in total? Did you
inherit his half of the house when he died? How much was that half of the house
worth six years ago?

Customer: replied 3 years ago.
Total is £1000,000 no other assets,my father left me half a house,probate valued it at£615,000, I paid no inheritance tax (so now I own half.)
Expert:  Stuart J replied 3 years ago.




So, six years ago, father left you half a house and that
half 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. It
would be based on £285,000.



http://www.hmrc.gov.uk/rates/iht-thresholds.htm



For the purposes of tax when your mother dies, the
current threshold of £325,000 is added to your father's threshold when he died
and inheritance tax is based upon those figures. There is a double allowance in
effect for mother and father



Can I help further?



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Thank you.






Customer: replied 3 years ago.
So if she died tomorrow how much tax would have to be paid?
Expert:  Stuart J replied 3 years ago.




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%



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