JuneSim63 💚
@junesim63@mstdn.social
@greg_harvey@tooting.ch @GeofCox@climatejustice.social
Sorry for butting in, but has he not gifted property to his heirs before this in a Potentially Exempt Transfer (PET)? Does his dad have a competent adviser?
https://www.gov.uk/guidance/work-out-inheritance-tax-due-on-gifts
GeofCox@GeofCox@climatejustice.social
@junesim63@mstdn.social @greg_harvey@tooting.ch
Everything depends on the detail - especially on how much of the value is for the houses and their land (and which is designated as 'primary'), as opposed to the farmland - but I have to say my first reaction is the same as June's - if the parents are in their 90s why on earth haven't they sought competent advice ?
I feel almost certain from what you've said of the situation that they will probably not end up paying any tax at all.
