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Posted Thu, 11 Jan 2024 13:20:08 GMT by
Hi Myself, my 2 brothers and my sister were left an inheretence from our parents on the death of my father who was the last surviving parent. My father had very little in the way of savings or value other than his small retirement bungalow. On the death of my father we inherited a small amount from the sell of his bungalow. On phoning HMRC we have been given different and confusing advice, on one occasion we were told yes we did need to tell HMRC and a more recent phone call we were told no we did not need to declare our inheritance Please help, we are very concerned over this matter. Thank you Do we have to inform HMRC of our inheritance.
Posted Tue, 16 Jan 2024 16:01:59 GMT by HMRC Admin 10
If the house was left as part of the estate and sold for you to receive a share, the estate will be liable for any tax due. If it is a case that the house has been left to specific people and is being sold then capital gains will be due as it would be seen as the sale of a 2nd property - Tax when you sell property

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