Tenants in Common for minimizing Inheritance and CG Tax
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adler
Apprentice
Joined: 08 Jun 2004
Posts: 9
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 Posted: 01/21/08 - 08:30 Post subject: |
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| Hello everybody. I would like to ask a question about taxation. The thing is that I inherited a house so now I have to pay inheritance tax and CGT. I was thinking about renting part of the house so I would like to know if I can use tenants in Common for minimizing Inheritance and CG tax. Thank you for your posts. |
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flin
Apprentice
Joined: 22 Dec 2005
Posts: 3
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| Posted: 02/19/08 - 22:19 Post subject: |
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| Hi there! Yup, inheritance can be a really great thing but sometimes you wish it never happened because of the taxes you have to pay. I am not sure if I can answer your question. If you haven’t created tenancy in common yet, but you have finished all the procedures about inheritance, then you are liable for both inheritance tax and capital gains tax. Maybe you can somehow split it into two parts, one for you and the other for other tenant. If I was you, I would go and ask a solicitor about hat should I do? I’m sorry I can’t be more helpful. I hope that you will work the problem out somehow. Take care! |
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