Recently widowed and would like to sell a second property and distribute 1/2 of the profit to 5 adult dependants. What is the most tax efficient method for all concerned?
A recent widow is selling a 2nd home which has been owned for 30 years, but lived in for 12 months. We are aware of the Capital gain on the sale (exempting the last 36 months and her £10k exemption) but would there will any further tax implications either on her or on the dependants following the distribution of the profits?
I am assuming she will be exempt from inheritance tax?