How much tax to pay

[dodo]

If my parents left their house to my brother in their will which is say 800K , he earns 30K a year, what inherience tax would he pay, thanks my parents wanted me to ask this ,

 

[jpd]

Assuming that he had not received any other gift from them since 1991, then he would have to pay approximately (800K-500K) * 20% = 60K where 500K is tax-free threshold - actually it is 496,824 but who's counting !

 

[z108]

But wasnt some rule brought in a few years ago ? which increases the threshhold if the son/daughter is living in the house inherited ?

He might have no tax to pay if hes lived in the house with them for years.