my mother wants to leave her house to my brother but is afraid that he will have to pay taxes. this is an ex council house in scotland
2006-10-19 05:30:04 · 4 answers · asked by Jean B 2 in Education & Reference ➔ Financial Aid
http://www.hmrc.gov.uk/cto/iht.htm
2006-10-19 05:32:17 · answer #1 · answered by richard_beckham2001 7 · 0⤊ 0⤋
Unless the laws are different in Scotland your brother would only incur Inheritence Tax if the value of your mother estate exceeds £285,000. (Current 2006 rate).
Without wishing to appear derogitory (it is not my intention to do so) I wouldn't think that an ex-council house would be worth that kind of money (I could be wrong), I am sure that you could establish the value of the property.
2006-10-19 05:54:11 · answer #2 · answered by DIGGER 2 · 0⤊ 0⤋
if your mother sells the house to him for over £1 then your brother won,t have to pay any tax ... just check it out with a lawlor i know it works here in ireland because my friend and her father done it he sold her his house for 1 euro and made her pay the bus fare home from the lawlors ha ha .... its worth a look into it
2006-10-19 05:41:06 · answer #3 · answered by dalylorraine 3 · 0⤊ 0⤋
Almost certainly
2006-10-19 06:00:57 · answer #4 · answered by Anonymous · 0⤊ 0⤋