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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34105
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My uncle who is 96 has been advised to re write his will

Resolved Question:

My uncle who is 96 has been advised to re write his will because several beneficiaries in his original will have passed away.He now what's to leave me his house and as I have property I know I will have to pay cgt.my question is his house is valued at £350000 and his savings and investments total is £300000 would I have to pay inheritance tax.as I'm only receiving the house and not any of his savings and investments.
Submitted: 10 months ago.
Category: Law
Expert:  F E Smith replied 10 months ago.

If there is no mention in the will of inheritance tax, then each asset bears its own tax in proportion.

If you are not to be liable for inheritance tax you may not be able to raise if you don’t have that liquid cash, he can specify that you get the house free of inheritance tax and hence, the other £300,000 would bear all the tax including the tax on the house.

Can I clarify anything for you?

Please rate the service positive. It doesn’t cost you anything but helps me greatly.

We can still exchange emails. Best wishes. FES.

Expert:  Clare replied 10 months ago.

My name is Clare

For clarity you would NOT have to pay any CGT - at least not until you eventually sell the house.

If you do have to pay Inheritance tax you are able to do it by instalments on a property

Clare, Solicitor
Category: Law
Satisfied Customers: 34105
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
Clare and 2 other Law Specialists are ready to help you

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