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Dealing with an inheritance

(3 Posts)
namechanging1 Mon 27-Feb-17 16:50:11

My siblings and I have inheritance from a parent who passed away.
It consists of a few properties which have life-tenants so don't bring much money in, but obviously some.
We are going through probate with a solicitors, but what happens after that?
We probably won't sell the properties until the tenants pass away, which might be a couple of decades, but what do we need to do to pay tax on the income etc?
Do we need to set up a business?

EyeStye Mon 27-Feb-17 18:38:40

You will need to pay tax. It is not likely to be tax efficient or cost effective to set up a company for the property unless the income from the properties is fairly considerable but speak to an accountant to check.

If the property is owned in say three equal shares then HMRC assume you just split the income three ways and register for self assessment file a tax returns for income from property. It's pretty straightforward but if it's all new to you, might be helpful to get an accountant to do your first year's return and then you'll see how it's done if you want to do yourself in future years

EyeStye Mon 27-Feb-17 18:39:06

Set up a company for the property *income

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