Save on inheritance tax or quick sale an inherited property

House sales and inheritance

A recent customer was concerned about just how much inheritance tax would be due on their property when it was bequeathed to their children.

Mr.  & Mrs. "X" who live in Essex had actually worked out what it would cost in dues to the government when left as a legacy to the family. The house itself had just been valued at £375,000. They also had over £145,000 in savings.

If both passed away in a relatively short space of time, there would be a tax bill of £94,000. Currently the first £285,000 of equity is exempt from inheritance tax, however after that amount there is 40% tax due.

A quick house sale with rent back enabled them to unlock the capital in the property and divide it among their children. They where also able to rent back the house from us for as long or as short as they wanted. These meant no inheritance tax was due.

Their savings now was under the inheritance tax threshold meaning that it could be bequeathed to their children with no fear of losing 40%.

That was a massive saving of £94,000.

If you would like a quick sale with or without rent back, give us a call on 0845 621 5000 or use our online enquiry form for more details.

If you have been left a property in a will, also gives us a call, we will make you an offer on the spot and your sale will be through within 3 working days.

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