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Inheritance Tax question; should you be left your family home, in which you have lived most of your life,?


by your parents in their will; would you be forced to sell it in order to pay the govt 40% if it fell within the IHT boundary...and you had no cash in the bank

Remember that you only pay 40% on the amount above the IHT threshold. This may make the amount of tax reasonably small - depending on the value of the house. You may be able to avoid selling the house by getting a mortgage on it to cover the tax.

If your parents are likely to be around for another few years, a bit of forward planning now may save you some or all of the tax. You need to see a tax advisor.
Unfortunately yes, it is possible to get round this if you plan early enough,you need to take legal advice.
yes you would have to sell to pay the tax unfortunately, unless some planning had been done beforehand
I think everyone should make their own way in life and not rely on handouts
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