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I took out a loan of £50,000.00 using my house as collateral

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I took out a loan of £50,000.00 using my house as collateral back in 2005 . The interest on that loan now brings the total sum now to £95,000.00 . My house is now valued at £500,000.00 . I have very little other savings . What is the sum that my estate would have to pay " inheritance tax " on please ?
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi

Thanks for your question. MY name is XXXXX XXXXX I am one of the UK tax experts here on Just Answer.

At face value your estate would be considered worth £405,000 and as the first £325,000 is exempt - you would have a balance of £80,000 to be considered at 40% = £32,000 Inheritance tax due

This does not take into account other savings, debts or whether you are a second spouse (having been widowed) where there might be unused Inheritance tax from your spouses estate.

Thanks

Sam
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