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?

Posted by Jacq_Maud PM | on Fri, 02/12/2011 - 10:10 1637 9 comments | report

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?

Much appreciated

Jacqui

Comments

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IHT

pauld | Fri, 02/12/2011 - 11:53

IHT

Jacq_Maud | Fri, 02/12/2011 - 14:59

Provided the deceased husband

Vaughan Blake | Fri, 02/12/2011 - 18:14

1/2 OF BASE COST WILL BE THE RECENT PROBATE VALUE

Jacq_Maud | Sat, 03/12/2011 - 08:57

did husband or widow own property upto his death?

campbed | Mon, 05/12/2011 - 10:05

Unlikely to be lettings relief

campbed | Sun, 04/12/2011 - 00:29

The 2nd property was elceted as a main residence in Jan 2011

Jacq_Maud | Sun, 04/12/2011 - 08:06

Question of fact

Marion Hayes | Sun, 04/12/2011 - 14:00

Jacqui

campbed | Mon, 05/12/2011 - 12:29