In the world of property, if you own your home you can pass it on to your husband/wife when you die without paying any inheritance tax. If you are unmarried or want to give your home to someone else then it must be stated in your will.
Although, if you want to keep living in your property after giving it to someone else you need to:
- pay rent to the new owner at the going rate (for similar local rental properties)
- pay your share of the bills
- live there for at least 7 years
You do not have to pay rent to the new owners if both the following apply:
- you only give away part of your property
- the new owners also live at the property
There are all types of thresholds, interest rates and valuations that you need to check when getting involved in property.
Inheritance tax can always be a sensitive subject, especially following a death. If you are unsure about any inheritance tax responsibilities, then we suggest calling us and talking to a professional who can guide you through the process as simply as possible while outlining any concerns you may have. Whether it is for yourself, or if someone close to you has died, we can help with confirming any forms you may need to be completing.
(Contains public sector information licensed under the Open Government Licence v3.0)
