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Property left in a Will


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Now that The Budget is over, if you are left property in a will and it is under a million pounds, will you still be liable to pay any form of tax when you come to sell it?

Yes, you might: Capital Gains Tax (unless it's your only/main residence).

But Inheritance Tax is levied on the Deceased's Estate, not on beneficiaries- so you'll receive ownership after IHT has been paid.

 

---------- Post added 15-07-2015 at 17:05 ----------

 

Another point: the property does NOT become yours merely by being given in a Will.

The executors must first:

a. pay any IHT due;

b. obtain a Grant of Probate; and

c. complete an Assent, transferring title to you-

and then you need to have this registered at HMLR.

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