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shortwoman68

Inheritance Tax query

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My father has a house which is quite big with 6 bedrooms, 2 receptions, two toilets a utility room, a bathroom, cellar, attic room and large garden and yes a reasonable size kitchen. He is due to get it valued soon but we imagine it is worth between £700 - £800,000. As most of us have moved out of the home we wanted to convert the house into 3 flats and want to know whether this would de-value to increase the value of house as it would be in 3 flats and how this would impact on us in terms of inheritance tax...does anyone know???:|

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The estate agent (or valuation officer) that is valuing the property would be the best person to ask about the post conversion value. It really depends on what flats currently sell for in your area, whether they would be sold (either freehold or leasehold) or rented. If they are rented, would the property be solely in your father's name or as joint tenants with his spouse ?

 

Inheritance Tax is something that is paid by the estate, so you personally would not be liable (the executors would have to pay any taxes due, but it would be recovered from the estate). Unfortunately, Inheritance Tax and the loopholes for reducing liability is complex and there are a number of changes in the pipeline that are due to come in to force over the next few years. It is not something that can be advised on in an anonymous forum. You need to consult an independent financial adviser conversant with IHT and trusts.


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