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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33946
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Morning, Question on Inheritance tax. My father passed away

Customer Question

Morning,
Question on Inheritance tax.
My father passed away Without a will some 22 years ago.
His mortgage on the house is in both my Moms and Dad's name.
My mom gets widows assistance on the mortgage and pays a little on it herself.
The mortgage balance is about 110k ...Value of house is 850K.
How will the inheritance tax effect her or US .
Thanks,
Shabir.
Submitted: 9 days ago.
Category: Law
Expert:  Clare replied 9 days ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first

Did your father leave any other assets?

Customer: replied 9 days ago.
Hi Clare....No he did not have anything else.
I basically support them. You know Eldest Indian son!!!!
Customer: replied 9 days ago.
Hello...did you get my answer.....He had NO other assets.
Customer: replied 9 days ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer: replied 8 days ago.
Morning Clare....Why are you NOT answering my question?
Final request for a answer.
Thanks,
Shabir.
Customer: replied 7 days ago.
i want a new expert
Expert:  Clare replied 7 days ago.

My apologies for the delay

There was no IHT payable when your father dies as all his estate passed to you mother

Since your father had no assets and his share of the house passed to your mother, then when your mother dies you will be able to claim your father's unused nil rate band as well as your mothers making a total allowance of £650,000 (at todays rates)

You will also be able to claim the new main residence nil rate band

https://www.gov.uk/government/publications/inheritance-tax-main-residence-nil-rate-band-and-the-existing-nil-rate-band/inheritance-tax-main-residence-nil-rate-band-and-the-existing-nil-rate-band

I hope that this is of assistance - please ask if you need further details

Customer: replied 6 days ago.
what is the NEW residence "Nil" band?
ALSO we did NOT probate anything when my Father passed.
Thanks,
Shabir.
Expert:  Clare replied 5 days ago.

If you cut and paste the link it will tell you about the new IHT tax relief on residences

https://www.gov.uk/government/publications/inheritance-tax-main-residence-nil-rate-band-and-the-existing-nil-rate-band/inheritance-tax-main-residence-nil-rate-band-and-the-existing-nil-rate-band

It does not matter that you did not obtain Probate for your father's estate

Customer: replied 2 days ago.
Ok Great ...One more please!
I think the equity in my Moms estate will be about $800K.
Divided among four siblings.
Do you see any liability?
Thanks,
Shabir.
Expert:  Clare replied 2 days ago.

Yes that would mean an IHT bill in the region of £20,000 or so

Customer: replied 2 days ago.
Ok....Sorry....I am a British citizen living in the US.(Resident Alien in the US).
Can I just take my portion and leave?
Expert:  Clare replied 2 days ago.

Of course you can - the IHT is paid before the estate is distributed

Customer: replied 1 day ago.
Thanks Clare.....You have been a Great help.
You are not in the Hampton area by anychance...Are you?
That is where my Mom lives.
We might need someone good in that area.
Shabir.

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