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Inheritance Tax

Answer
SS
Posted Tue, 10 Sep 2024 06:30:54 GMT by SS
Hello! My parents are thinking of transferring their 1st property to me. May I ask what the inheritance tax implications are. I have reviewed the HMRC guidance, but am unclear as to: Do my parents have a joint allowance of £650,000 (£325,000 x 2), or £500,000 (I have seen this number around!) If it is £325,000, would that mean that, if the property had an equity value of £400,000, I would be liable to Inheritance Tax on the property? Thanks!
Answer
HMRC Admin 19 Response
Posted Fri, 13 Sep 2024 11:05:00 GMT by HMRC Admin 19 Response
Hi,
Please contact the Inheritance Tax team for advice.
Inheritance Tax: general enquiries
Thank you.

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