my dad bought a house in another country about 12 years ago.and he passed away about 10 years ago. and he left the house to me and my mum.we ve had so much problem with this house.its was in the court case for 7 years.finaly the judge dedcided the house was ours.we want to sell it soon as possible and bring the money to uk.
do i need to pay inheritance tax?
plz plz help
many thanks
2007-06-28 02:26:23 · 7 answers · asked by ruby 1 in Business & Finance ➔ Taxes ➔ United Kingdom
Where was your dad resident at the time of his death? If abraod, then no IHT is due, but if he was resident in the UK, then this will form part of his estate and IHT will be due, although as its so long ago, I'm guessing all this may have been sorted by now.
However, you and your mother will be liable to Capital Gains Tax. This is calculated on the difference between the value of the house when you inherited it and the price you get for it, but there is taper relief and you both have personal exemptions. You should either go and have an informal chat with your local tax enquiry centre about it, or pay a one-off fee to an accountant for advice.
2007-06-28 03:25:56 · answer #1 · answered by fengirl2 7 · 0⤊ 0⤋
Unless the value is above the threshhold for the tax (approx 300k) then no tax is payable. Even then it is only payable on the amount ABOVE the threshold. I guess it may be possible to leave the money in the other country and draw on it bit by bit, but you;d need to speak to either a financial adviser or a lawyer...
2007-06-28 09:31:36 · answer #2 · answered by eriverpipe 7 · 0⤊ 0⤋
Depends on where the house is, if it is in Spain, then you WILL have to pay inheritance tax as you do not live in it, and are not a Spanish resident. If it is another country, then you will have to find out from a lawyer in that country.
2007-06-28 09:48:46 · answer #3 · answered by mike-from-spain 6 · 0⤊ 0⤋
If the house is worth over £300,000 you will pay IHT @40% of what ever is above that leval. If it is under 300k no u wont.
2007-06-28 14:24:04 · answer #4 · answered by leigha 5 · 0⤊ 0⤋
if its value is somewhere over 300k than you only pay tax on the over part. EX. 300,001.00 you are only taxed on the1 dollar
2007-06-28 09:34:55 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Since you are special, you don't have to pay the tax. Don't worry about it. Everyone else will pick up your slack.
2007-06-28 09:29:40 · answer #6 · answered by Teaholic 3 · 0⤊ 0⤋
No, you shouldn't have to pay inheritance tax on it.
2007-06-28 09:29:32 · answer #7 · answered by Anonymous · 0⤊ 0⤋