Inheriting a property can certainly leave you exposed to a large tax bill but not always
Elderly man living alone is distressed that he may have tax liabilities he cannot afford after inheriting from only sister. Photograph: iStockHe was living with his sister in the family home for many years, in fact all his life. On the death of his mother some years ago, the family home was left to himself and his sister.
1) With his mental health issues and the fact that he has lived all his life in the house can he be exempt from inheritance tax? His mental health issues have nothing to do with it. But the fact that he has been living in the property for well over the three-year minimum and will likely be living there for the foreseeable future means he is eligible for dwelling house relief.
For what it is worth for other people, prior ownership of property does not exclude you form this relief as long as you no longer have any ownership of any other property.
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