do i need to pay inheritance tax on a house i have been left by my father

jamesmichael | 22:40 Thu 07th May 2009 | Personal Finance

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Hi, does anyone know the answer to the question above. the house in todays money is worth around 400k. Thanks to all - J

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bednobs

yes. The IHT threshold is 325000

jamesmichael

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THANK you for your assistance

-- answer removed --

New Judge

Also bear in mind that it is possible to transfer unused IHT allowances between spouses or civil partners. I�m not sure of your position, of course, but if:

- Your father was married to your mother
- She predeceased him and
- She died after October 2007
- She left all or part of her estate to him (with no IHT payable)

Her unused tax free allowance is transferred to him and could effectively double it if she left her entire estate to him.

As vibrasphere suggests, seek some advice.

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