Anyone knowledgable on IHT?
Anyone knowledgable on IHT?
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Cupramax

Original Poster:

11,007 posts

282 months

Friday 14th March 2014
quotequote all
I'm in the process of selling a property as executor of a will, anyone know if the expenses of sale i.e. Estate agents fees and conveyancing can be offset against IHT to reduce liability? If so it will take the estate below the 325k limit.

Ginge R

4,761 posts

249 months

Friday 14th March 2014
quotequote all
Many expenses can be taken into acount when valuing an estate, but it also depends when the deceased died.

http://www.hmrc.gov.uk/inheritancetax/how-to-value...

Cupramax

Original Poster:

11,007 posts

282 months

Friday 14th March 2014
quotequote all
The person died in October last year, ive read through the HMRC website about 50 times and cant see any direct mention of what I asked...

Simpo Two

92,974 posts

295 months

Friday 14th March 2014
quotequote all
Cupramax said:
I'm in the process of selling a property as executor of a will, anyone know if the expenses of sale i.e. Estate agents fees and conveyancing can be offset against IHT to reduce liability? If so it will take the estate below the 325k limit.
If it was the second partner to die, have you explored the possibility of the first deceased's nil rate band? It might give you up to £650K headroom.

That said, if a few legal fees take you below £325K then you're so close there won't be much IHT to pay anyway.


No doubt estates coming in at £324,950 get turned over by HMRC anyway...!

uknick

1,066 posts

214 months

Saturday 15th March 2014
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The link you posted contains this;


How to find details of the deceased person's debts and liabilities
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It's a good idea to make a list of all the debts and liabilities you find. You shouldn't include professional fees you pay for when dealing with the estate - things like solicitor's and estate agent's fees. You can't deduct these from the value of the estate but you may be able to claim them back from the estate later.

Cupramax

Original Poster:

11,007 posts

282 months

Saturday 15th March 2014
quotequote all
Thank you...