21 Apr 21, 10:46 PM
|
#13
|
|
21 Apr 21, 10:46 PM
SgtElias
Relaxing at the Grand Floridian
|
Relaxing at the Grand Floridian
|
CGT will definitely be an issue if this is not your parents main residence.
However, depending on your parents circumstances IHT might not be an issue.
Your parents have their main IHT relief of £325,000 each, this is also transferable to the survivor after first death.
So if your dad passed away first, your man has a main IHT relief of £650,000. On top of this they have a “nil rate residence band relief” this is an additional relief on their main residence of £175,000, again, this is each and is also transferable on first death.
Therefore, and as long as there has been no use of allowances, on second death, there is a million pounds worth of allowance available, to hopefully mitigate any potential IHT.
|
|