Christopher Hine
Joined: 8/6/2023
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Inheritance Tax on Cash from Property Sale
I have a sole surviving parent in full-time residential care in the final stages of Dementia. My brother and I sold Mum's residential property in May 2023 to pay on-going care home fees. All of her assets are now in bank savings accounts. If Mum passes away, will we be liable to pay Inheritance Tax on the value of her savings in excess of £325,000, if the source of those savings was the sale of her sole residential property?