hi,
I wonder if anybody can help with a query. My unmarried uncle who had no children died leaving his house and some money to my brother and I. It is worth substantially more than the tax free amount for an inheritance from uncle to niece/nephew. So we will be paying a large amount of tax on the inheritance.As neither my brother nor I lived with my uncle, we are not eligible as' favourite niece/nephew' for tax reasons.
I guess my real query is if tax planning is only relevant before a death? Is there any way to reduce our tax liability at this point? for example can we claim for the cost of selling the house?
thanks,
rosey
I wonder if anybody can help with a query. My unmarried uncle who had no children died leaving his house and some money to my brother and I. It is worth substantially more than the tax free amount for an inheritance from uncle to niece/nephew. So we will be paying a large amount of tax on the inheritance.As neither my brother nor I lived with my uncle, we are not eligible as' favourite niece/nephew' for tax reasons.
I guess my real query is if tax planning is only relevant before a death? Is there any way to reduce our tax liability at this point? for example can we claim for the cost of selling the house?
thanks,
rosey