{"id":109226,"date":"2019-07-22T13:00:35","date_gmt":"2019-07-22T06:00:35","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/how-can-we-reduce-inheritance-tax-on-my-mothers-property\/"},"modified":"2019-07-22T13:04:52","modified_gmt":"2019-07-22T06:04:52","slug":"how-can-we-reduce-inheritance-tax-on-my-mothers-property","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/how-can-we-reduce-inheritance-tax-on-my-mothers-property\/","title":{"rendered":"How can we reduce inheritance tax on my mother's property?"},"content":{"rendered":"


\nMy sister and I would like to be joint owners of my mother\u2019s house to reduce liability on her estateQ Would I, together with my sister, be able to become a joint owner of my mother\u2019s property so that the house wouldn\u2019t be counted as part of her estate for inheritance tax purposes? Is this possible and if so what is the best way to go about this?MNA Yes it\u2019s perfectly possible for you and your sister to become joint owners of your mother\u2019s house (assuming that\u2019s what your mother wants to happen). But unless you and your sister go and live in the house with your mother \u2013 and carry on living there until her death \u2013 the whole of the value of the property rather than just the value of your mother\u2019s share will be taken into account when working out how much inheritance tax is due. Giving away a part or the whole of something \u2013 whether it\u2019s a property or a valuable antique painting, for example \u2013 while continuing to benefit from it makes it not a proper gift or a \u201cgift with reservation\u201d in the eyes of HMRC and so the whole of the property is included in the valuation of her estate when she dies. So if your mother\u2019s estate is worth more than the \u00a3325,000 nil-rate band if she dies in the 2019-20 tax year, there will be a tax bill of 40% of the amount over \u00a3325,000. However, if your mother\u2019s will says that the family home is to be left to you and\/or your sister (or other direct descendant), the nil-rate band goes up to \u00a3475,000 (\u00a3500,000 in the 2020-21 tax year) thanks to the \u201cresidence nil-rate band\u201d or \u201cfamily home allowance\u201d introduced in April 2017. Continue reading…
\n
\nSource : theguardian.com
\nRead more…How can we reduce inheritance tax on my mother’s property?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

My sister and I would like to be joint owners of my mother\u2019s house to...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-109226","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-spI","jetpack-related-posts":[{"id":11614,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/if-i-die-before-my-partner-will-he-pay-inheritance-tax-on-our-home\/","url_meta":{"origin":109226,"position":0},"title":"If I die before my partner will he pay inheritance tax on our home?","date":"April 29, 2016","format":false,"excerpt":"\r My partner and I own a house in a 50\/50 split, when I die my half will pass to him, but I\u2019m concerned the value might put it over the inheritance tax thresholdQ: As a cohabiting couple, we bought our home as tenants in common with a 50\/50 split.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1274,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/we-want-to-extend-the-terms-of-our-interest-only-mortgage\/","url_meta":{"origin":109226,"position":1},"title":"We want to extend the terms of our interest-only mortgage","date":"October 22, 2015","format":false,"excerpt":"\r We have a reduced income but there is equity in our home and my husband is a beneficiary for his mother\u2019s London propertyQ My husband and I want to extend the term of our mortgage from the current five years from now up to 10 years. 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