Following our explainer on ways you can prepare your family finances for inheritance tax rises, we received at least a dozen questions from readers asking if their estates will be subject to the tax.For example...I am a widow aged 80 and have a detached property valued at approximately £400,000. My son will inherit my house.
However, if you fully or partially own your home, your tax-free threshold can increase to £500,000 if you leave it to your children or grandchildren, or your estate as a whole is worth less than £2m.So, Shaz - your son may not have to pay.There's normally no tax to pay if you hand over the home before you die, and live for another seven years or more.
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