My partners mother died a few years ago passing her two thirds of the family home onto my partner with my partners father owning the final third.They both resided in the house until recently when her father died leaving the final third to my partner. She was told that inheritance tax is liable on the entire property as her father had access to her two thirds of the home.Is this true?? .I consider this unfair as my partner was left her share by her mother and she has lived in the family home her entire life.We have searched everywhere on the web for answers but we cannot find a case like this, any help will do, thanks Rob
You really need a good tax man for advice..
Yes I am sorry to say this is true. Even though it was given to your partner, his dad still had the use of the house which makes inheritance tax liable. The way around this would have been for his dad to pay some kind of rent.
|
