Anyone know anything about tax? Particularly Inheritance tax?

[belle17]

I live in bonny Scotland. In 1995, my mother transferred ownership of her house to me and my sister. She retained a life interest on the property and continued to live there until january 2005, when sadly she died. I am not very financially astute and sold the house for �170000 and split the proceeds with my sister. My mum had very little cash. I have now received the dreaded tax return form and am wondering if I will have pay tax on this windfall? Anyone out there know what my tax position is? Or where I can get sound advice...and I don't particularly want to ask the Inland Revenue!!!!!

[buildersmate]

Inheritance Tax cuts in above this figure - somewhere around �270k.

[gammaray]

The law may be slightly different in Scotland, but you can avoid a huge chunk of inheritance tax by having your mother make a properly drawn up will. You'd need a will writer to explain it properly but there is money to be saved I'm sure.

[gammaray]

Sorry belle I should have read your question completely before replying.

[lou 26]

http://www.inheritance-tax-online.co.uk/?OVRAW=inheretence%20tax%20scotland&OVKEY=inheritance%20tax%20scotland&OVMTC=standard Hope this proves useful to you x

[belle17]

Thanks for taking the time to respond....particularly lou 26...have visited that website and posted my question there...thanks again!