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Buachaill, Barrister
Category: Law
Satisfied Customers: 10528
Experience:  Barrister 17 years experience
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My mother has passed away leaving a property worth 360000

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Hi my mother has passed away leaving a property worth 360000 but has equrty owing on it of 51000 does this get taken off making it under the inheritance bracket if I was to sell it
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.
1. If there is £51,000 owing on a property worth £360,000, then the value for Inheritance Tax purposes is only £309,000 and so it is within the tax threshhold for the amount of an estate that can be received free of tax. So here, despite the market value being £360,000, the value for tax purposes is only £309,000 as this is the net value of the house. This is within the tax free bracket for Inheritance Tax purposes and if a sale takes place of the house, no Inheritance Tax is payable.
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