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inheritance tax

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derekgr | 15:15 Fri 08th Oct 2004 | Business & Finance
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my father transferred his property to me in november 1997 and i lived there until his death on 2 december 2001, should this property be included in the inheritance tax calculation?
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The full value should be included in the estate to determine whether the exemption has been exceeded. The amount of tax payable on the value of the house will then be reduced by a taper relief to take account of the elapsed years (in this case 40%).
18:17 Fri 08th Oct 2004
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If the total value of your father's estate including the value of the property does not exceed �263000 there is no tax to pay. If it does, then you might find a browse through this link helpful http://www.inlandrevenue.gov.uk/leaflets/iht2.htm#c
21:31 Fri 08th Oct 2004

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