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Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7617
Experience:  BA (Hons), PgDip, Practising Solicitor
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I would like to know if a property is more then 325k say for

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I would like to know if a property is more then 325k say for example 360k does the 40% inheritance tax apply the extra 35k or the entire 325k ?

Thanks for your reply.

If the property is the only assets of the deceased’s estate then the value of the property uses up all of the nil rate band of £325, 000.00. Any amount over £325, 000.00 s subject to IHT at 40%.

If this is the case then £35, 000.00 only would be subject to 40% IHT.

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Kind regards,

Customer: replied 5 years ago.
The property owner also has around £ 10000 in his bank account , this amount plus the value of the property constitue his entire assets. Am I correct in assuming that in this case the beneficiary will be liable to IHT on £45k that will be received ?


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