Best Way to Avoid Inheritance Tax on Grandparents Property

Hi There,

Currently my Nan has left both myself and my sister her property in her will, the property will be worth just over £325,000 when it comes to sell.

Any advice on what may be best to do here to avoid the extortionate inheritance tax would be much appreciated.

Would it be best to transfer the house over in to our names now before death (which we hope to be a long time away) so the house will be our property and there for not inherited? Or would we then have to pay more in capital gains than we would inheritance tax, so it may be best leaving it in the will as it is?

Can we also do this just by filling in forms to the land registry, and not have to pay huge solicitor costs if transferring the house over to us is the best option?

Thank you for your help.



 

Hi Debbi - IHT isn't something we can help or advise you on. I'd suggest trying online forums such as Money Saving Expert where such matters are often aired/shared or seek legal/financial advice 
If you need advice on how to transfer the legal ownership without using a conveyancer then our online guidance explains how to do that