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1. It is a commonly held misconception that beneficiaries are liable for IHT. This is usually not the case, IHT is a matter for executors or administrators before the estate is distributed in accordance with the terms of the will.
3. You do not pay IHT as I explained.
4. On whose authority have you refurbished the building?
5. Transfers of this kind create a Potentially Exempt Transfer (PET) in the donors IHT affairs. PETs run off at a taper over 7 years and in the event of a decease withing this period are added back to the donor's estate for inclusion in the IHT computation. PETs are the first to suffer IHT and if the estate is insufficient to meet the tax on the PET then the liability cascades down to the beneficiary for immediate settlement.
6. Not at all.
I do hope that you have found my reply of assistance.
Probably, but HMRC may insist on the current market value being substituted.
Just making sure, you can drop a horrible clanger refurbishing without authority.
Delighted to have been of assistance.
I have no such problems, both my grand children live in New Zealand!
Thank you for your support.