I'd just like to confirm if I'm right in thinking that the inheritance tax limit for a couple is £600k?
In my case, as an only child, there is absolutely no way that my parents estate will ever exceed £400k
I'd just like to confirm that I won't be liable for any inheritance tax as effectively one parent has a £300k limit, this would then be passed to the surviving parent and then the after the surviving parent I would inherit the full estate free of tax.
It is likely that I will be self-employed when I inherit the estate - will this make any difference as in will I have to declare the inheritance on my self assessment form? I totally understand that any small amount of interest gained in the future from savings inherited would have to be declared on the self assessment form but am I right in thinking that property and a lump sum inherited do not need to declared on the SA?
I am also likely to be living at my parents' house in the future as a carer (not claiming any carer's benefit) so am I right in thinking that after my parents' death I will be able to continue living there with any complications (I am the sole beneficiary).
Much appreciate any advice - frankly this is not something I've wished to think about before, but I would much rather know all the information now than when in a state of distress. I'd imagine that there is not enough money involved for me to have to worry about inheritance tax at all but I thought it best to ask now than later.
In my case, as an only child, there is absolutely no way that my parents estate will ever exceed £400k
I'd just like to confirm that I won't be liable for any inheritance tax as effectively one parent has a £300k limit, this would then be passed to the surviving parent and then the after the surviving parent I would inherit the full estate free of tax.
It is likely that I will be self-employed when I inherit the estate - will this make any difference as in will I have to declare the inheritance on my self assessment form? I totally understand that any small amount of interest gained in the future from savings inherited would have to be declared on the self assessment form but am I right in thinking that property and a lump sum inherited do not need to declared on the SA?
I am also likely to be living at my parents' house in the future as a carer (not claiming any carer's benefit) so am I right in thinking that after my parents' death I will be able to continue living there with any complications (I am the sole beneficiary).
Much appreciate any advice - frankly this is not something I've wished to think about before, but I would much rather know all the information now than when in a state of distress. I'd imagine that there is not enough money involved for me to have to worry about inheritance tax at all but I thought it best to ask now than later.