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Mum gave me gift of house but died within seven years

Question My mum died before the seven years were up (six years and three months) after she transferred the title deeds of a house into my name. What will happen now for inheritance tax purposes?

Arthur Weller replies:
The gift of the house by your mother uses up part or all of inheritance tax nil rate band of £325,000 that was available to her estate. So more of the remaining estate will now not be covered by the nil rate band, and therefore subject to inheritance tax. If the value of the house when transferred was more than the nil rate band, extra tax on the house will have to be paid now, but 80% taper relief (more than six years since date of death) would be available against the extra tax.

About Arthur Weller

Over 500 consultations successfully completed by Arthur though this site!
Arthur Weller is a Chartered Tax Advisor (CTA) and an integral part of the Property Tax Portal team. He offers a special rate tax advisory service on any aspect of UK taxation, including property taxation, for as little as £97 for a 30 minute telephone tax consultation.

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