Inheritance Tax

[xirokx]

Hey...

Does anyone know the tax free allowance a person is allowed to inherit?

Problem:- my gf's mum wants to put a house worth 400K on her and her sisters name and just wondered if they would have to pay inheritance tax if anything were to happen to her?

Also, she wants to transfer the title deeds on to them now but the elder daughter advised her to make a will so either sister cannot sell it now whilst she is still around - is this true? just incase of possible family issues (you know never).. so whats the legal and safe way to do this?

Thanks for your help

Cheers!

 

[xirokx]

so if the house is worth 400k,

and both sisters get half = £200k

as its below the 312k threshold no inheritance tax neither sister would pay it?

pls clarify...

P.S. both sisters only have boyfriends and are not married...
thanks

 

[xirokx]

the size of the estate here would be a total of £200K, so would tax be payable

by estate I assume you mean total inherited?

would it still be liable if the estate went to 2 people and that value was below 312K

the house is not co-signed, its on their mums name only...