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If someone inherits a house worth 250-300k who much tax do they hve to pay

7 replies

Lardlizard · 05/02/2020 15:22

If it was their parents house ? Left to them in a will

OP posts:
BigSandyBalls2015 · 05/02/2020 15:24

depends what else was covered by the total estate … I think the threshold is £350K, so you pay tax on anything over that.

BigSandyBalls2015 · 05/02/2020 15:24

inheritance tax

Lardlizard · 05/02/2020 15:25

Nothing else much left of any value a low price car

OP posts:
Lardlizard · 05/02/2020 15:25

So if the house sells for below 350k you don’t have to pay inheritance tax on it then ?

OP posts:
BarbaraofSeville · 05/02/2020 15:27

In that case, there will be no tax to pay.

I thought the threshold was £325k, but maybe it's gone up to £350k, but in any case, there's no inheritence tax to pay if the estate is less than this value, as long as there was just the house and the car, and no other assets to take the value above the threshold,.

BigSandyBalls2015 · 05/02/2020 15:30

yes you're right it is £325K

TeenPlusTwenties · 05/02/2020 15:33

IHT is currently £325k, but you can pass your home to your children or GC and the total IHT free becomes £475k.

As PP said, any tax is dealt with by executors of will prior to execution of will.

www.gov.uk/inheritance-tax/passing-on-home

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