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Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.
The glib answer is nothing as there is no Capital Gains Tax (CGT) on death all assets being aggregated for inclusion in your Nan's Inheritance Tax (IHT) computation. As IHT does not kick in until 325K of assets it would appear that there will be no IHT bill on decease. Furthermore, for the family home left to children, the IHT 325K limit is being successively raised to 500K between 2017 and 2020. Also your Nan can inherit any unused IHT limit from her husband.
I do hope that I have resolved your conundrum.
If there is a delay in sale between probate and distribution there may be a CGT liability, a matter for the executors or administrators of Nan's estate. If you have already inherited than there might be a CGT liability on each individual including the minor based on their share of any gain made from probate value. This would be taxed at 18% or 28% or a combination of the two rates depending on the individuals' income including the gain in the tax year of disposal. Each of you have a non cumulative Annual Exempt Amount (AEA) of 11.3K to offset such gains.