Inheritence Tax UK
#1
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Inheritence Tax UK
I know there's a bunch of questions and answers associated with this topic and therefore one for the experts, but if the sole owner of a property dies, is the spouse who is not an owner but has lived in the property for decades, liable for inheritance tax? The way I read the HMRC website it suggests not.
#2
Re: Inheritence Tax UK
Inheritance Tax is normally levied on the estate, not the beneficiary.
Normally, transfers to spouse are exempt, provided both are U.K. domiciled (more complex if one/both spouse are foreign domiciled).
Normally, transfers to spouse are exempt, provided both are U.K. domiciled (more complex if one/both spouse are foreign domiciled).
#3
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Re: Inheritence Tax UK
Joint ownership of the family house has never been a question for this couple. The husband has owned it for 45 years, they have both lived in it for 40 years of marriage. The husband looks like he has not got long to live. When he passes the concern is that the wife will have to selll up if she is required to pay tax. Its value is well in excess of the threshold.
#4
Re: Inheritence Tax UK
Thanks JAJ. Definitely UK domiciled for both.
Joint ownership of the family house has never been a question for this couple. The husband has owned it for 45 years, they have both lived in it for 40 years of marriage. The husband looks like he has not got long to live. When he passes the concern is that the wife will have to selll up if she is required to pay tax. Its value is well in excess of the threshold.
Joint ownership of the family house has never been a question for this couple. The husband has owned it for 45 years, they have both lived in it for 40 years of marriage. The husband looks like he has not got long to live. When he passes the concern is that the wife will have to selll up if she is required to pay tax. Its value is well in excess of the threshold.
Last edited by Bermudashorts; Nov 29th 2014 at 1:06 am.
#5
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Re: Inheritence Tax UK
BTW ..... thanks all ..... all clear now ......