How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask ukfamilysolicitor Your Own Question

ukfamilysolicitor
ukfamilysolicitor, Solicitor
Category: Law
Satisfied Customers: 724
Experience:  Qualified Solicitor Currently specialising in Family. Also experienced in Corporate, Employment, Civil Litigation, Debt Recovery
74916426
Type Your Law Question Here...
ukfamilysolicitor is online now

My mother and dad died within 3 months of one another leaving

Customer Question

my mother and dad died within 3 months of one another leaving everything to my sister and myself house valued £500,000 with some money which me and my sister have just received from the solicitors around £28.ooo solicitors fee around £30,000 funeral was payed by my father. If we should get the sale of the house ar that figure would my sister and I have to pay heritage tax. many thanks val
Submitted: 1 year ago.
Category: Law
Expert:  ukfamilysolicitor replied 1 year ago.
Hello
Welcome to Just Answer
I am a Solicitor and will assist you.
Inheritance tax is currently payable if the estate is more than £325k. This is known as the inheritance tax threshold.
The estate is classed as property, possessions and money.
Anything over the threshold is taxed at 40%.
If more than 10% of the estate to charity then the rate can be reduced to 36%
The estate of the person who died usually pays Inheritance Tax. Therefore the estate will be reduced by the amount of tax payable.
You don’t usually pay tax on anything you inherit at the time you inherit it.
You may need to pay:
- Income Tax on profit you later earn from your inheritance, eg rental income from a property
- Capital Gains Tax if you later sell the property you inherited - this will be based on the increase in value of the property following the date of death and date of sale - you also have a tax free allowance of £11,100 in the current tax year so if there was a gain - it might not necessarily mean there is a tax bill
See these for more info:
https://www.moneyadviceservice.org.uk/en/articles/calculating-and-paying-tax-after-someone-dies
Kind Regards
Caroline
Positive feedback is gratefully received.
Expert:  ukfamilysolicitor replied 1 year ago.
please kindly remember to rate positively

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Last | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice