F
fossilwatch
Guest
Hi All,
Am new to AAM so please shout at me if this is in the wrong section. I am trying to find out exactly what the tax implications are if I am willed a property. The background is this:
My mother is anxious to sort out her will (and doesn’t want to leave any of us with huge tax bills) and a decision on the family home has been reached in that it is to be willed to myself and my sister. Neither of us live at this property - we both have our own family homes. In looking up details of CAT, I reach a stumbling block at the point about CAT being payable if you haven’t lived in the residence in question for the previous six years.
My query really is this:
If the property is actually signed over to us prior to my mothers death, would this exempt us from paying inheritance tax or would there still be a gift tax applicable of the transfer of the deeds ?
Thanks,
Fossil.
Am new to AAM so please shout at me if this is in the wrong section. I am trying to find out exactly what the tax implications are if I am willed a property. The background is this:
My mother is anxious to sort out her will (and doesn’t want to leave any of us with huge tax bills) and a decision on the family home has been reached in that it is to be willed to myself and my sister. Neither of us live at this property - we both have our own family homes. In looking up details of CAT, I reach a stumbling block at the point about CAT being payable if you haven’t lived in the residence in question for the previous six years.
My query really is this:
If the property is actually signed over to us prior to my mothers death, would this exempt us from paying inheritance tax or would there still be a gift tax applicable of the transfer of the deeds ?
Thanks,
Fossil.
