Inheritance tax planning to take property over from father?Make Text Bigger
I was wondering if any one had knowledge or a solution for a property ownership issue with inheritance liability in mind.
My father and I purchased a property approximately 2 years ago in the form of a joint tenancy. This property was a rental investment and has been let ever since. My father’s estate at present will be over 1 million.
I understand his allowance, which will go up to £500k (for home owners) gets passed to my mum. But with this property in terms of right of survivorship what would happen. My mum and dad are happy to let me have his share now and have asked me to look into this.
My dad’s health is not to good and he has had a heart attack a few years ago as well as other complications which would mean a life policy may be really expensive if not in possible to get. Also my personal circumstances are such that my property portfolio holds approx 900k equity so I am looking for a suitable solution looking to the future.
The property in question was purchased approx 2 years ago for £320k needing substantial works. The works and financing came to approx £70k and the current value is approx £580k-£650k
Any advice would be greatly appreciated.
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