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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 10595
Experience:  FCCA FCMA CGMA ACIS
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I have a question about inheritence tax. Not yet, It

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I have a question about inheritence tax.
JA: Have you talked to a tax professional about this?
Customer: Not yet
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: It concerns recent transfer of property to me

Please expand on your Inheritance Tax (IHT) question?

Customer: replied 11 days ago.
My father died recentlyt. Last year he transferred his htlf of his non-home property to me.. The sum total of his estate left to me and the value of the transferted property is less than £325000... Does this mean i wont have to pay IHT?
Customer: replied 11 days ago.
To be clear.. The property was never his residential home.

This was a Potentially Exempt Transfer (PET) so on the donor's decease would be added back to his estate and exposed to IHT. IHT kicks in at 40% on assets over 325K.

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