Hi
Myself and two brothers have inherited a house from my mother. The plan is to sell the house. The value of the house is under the threshold that her sons are required to pay inheritance tax on it (320,000 per son I believe)
so therefore if we sell it the only tax we could pay is capital gains tax if it sells for over the last valuation (which was high) which seems unlikely unless a real bidding war was to start which is fine by us.
I’m correct in saying no other taxes are due?
Before the house valuation last done which was high, another valuation was done which was low (the reason was a low house value is better on the fair deal). Could this complicate matters?
Myself and two brothers have inherited a house from my mother. The plan is to sell the house. The value of the house is under the threshold that her sons are required to pay inheritance tax on it (320,000 per son I believe)
so therefore if we sell it the only tax we could pay is capital gains tax if it sells for over the last valuation (which was high) which seems unlikely unless a real bidding war was to start which is fine by us.
I’m correct in saying no other taxes are due?
Before the house valuation last done which was high, another valuation was done which was low (the reason was a low house value is better on the fair deal). Could this complicate matters?