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Inheritance Tax on the property I am living in?

Inheritance Tax on the property I am living in?

Postby thunderbird1 » Fri Oct 13, 2017 8:22 pm

I look after my elderly mum 78 who is disabled and share the house with her. She owns it outright and its value is about 1.7M and minimal other assets and cash.

Do I have to sell up and move to pay the IHT when she dies? and what steps can I take to allow me to remain in the house, or rent it to pay the IHT?
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Re: Inheritance Tax on the property I am living in?

Postby atticus » Fri Oct 13, 2017 9:03 pm

Could you raise a mortgage?
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Re: Inheritance Tax on the property I am living in?

Postby thunderbird1 » Fri Oct 13, 2017 11:07 pm

No, because neither us can pay it.

Asset rich, but cash poor.
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Re: Inheritance Tax on the property I am living in?

Postby dls » Sun Oct 15, 2017 6:33 am

I have a friend who asks me every time we talk, why we have not downsized.

I know the feeling of being very attached to a house, but I think in your case, beggars can't be choosers. You may have a life deservedly in somehere very beautiful, but you either can maintain it or you cannot.

It may very well be worth taking direct advice as to tax mitigation. The longer you delay it the less value it will become.
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Re: Inheritance Tax on the property I am living in?

Postby thunderbird1 » Thu Oct 19, 2017 6:26 pm

My question is really, - is there an IHT exemption because I live in the property?
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Re: Inheritance Tax on the property I am living in?

Postby atticus » Thu Oct 19, 2017 7:09 pm

Not that I am aware of. You may have to downsize.
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