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Sam
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I'm dealing with a probate application late mother.

Resolved Question:

I'm dealing with a probate application for my late mother. In March 2000 my parents transferred ownership of their house to my brother and me, but they continued to occupy the property rent free. Will the property still be considered as part of my mother's estate even though she no longer owned it? If so, since the property was jointly owned by both of my parents, and my father still lives there, will the value of my mother's gift be considered as 50% of the total value. Thanks.
Submitted: 10 months ago.
Category: Tax
Expert:  Sam replied 10 months ago.
Hi Thanks for your question Yes this will still be considered as part of your mothers estate as she continued to make use of this property without making good the 50% share of any market value rent - so this is treated as a gift with reservation - so 50% of the value must be added into her estate The same will apply to your father should he also not make any rent payments - so could be worth addressing this issue Let me know if I can assist furtehr with my response Thanks Sam
Customer: replied 10 months ago.
There were certain other assets left to my brother and me in my mother's will. If I were to get a Deed of Variation to transfer these to my father, would this reduce the value of the estate for IHT purposes?
Expert:  Sam replied 10 months ago.
Hi Thanks for your further question - this really should have been listed a a new question as per Just Answer policy (sorry about that) but as this seems to be your first time on Just Answer, I will answer on this occasion as it seems a trifle unfair to hit with you with a furtehr charge when you may not be familar with how Just Answer works! A deed of variation would most certainly reduce the bill as anything left to your father is not included as part of the Nil rate band for Inheritance tax purposes Let me know if you wish any further assistance from your original question (or my response) but it would be appreciated if you would rate the level of service I have provided (or click accept) Thanks Sam
Sam, Accountant
Category: Tax
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Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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