UK Tax Questions? Ask a UK Tax Advisor for answers ASAP
Hello,I am Keith, one of the experts on Just Answer, and pleased to be bale to help you with your question.
Well, only partly; on decease all your mother's assets will be aggregated for Inheritance Tax (IHT) and anything over 325K taxed at 40% flat rate. Assets may have to be sold by executors or administrators of your mother's estate to meet the tax before the residue can be distributed. Frankly, be prepared to move. Of course it is only your mother's half share which will be exposed to IHT.
There is one loophole. If your mother resided in the house as he sole or main domestic residence also then Private Residence Relief (PRR) would apple which relieves CGT at 100%.
I am so sorry to have to rain on your parade.
Thank you for your support.
And your kind bonus.