Post
by Mafia » Fri Jun 02, 2006 7:00 pm
There wouldn’t be any UK IHT payable on inheriting the asset from your parents. However the asset would now form part of your estate and if you are domiciled (or deemed to be domiciled) in the UK, it may be liable for IHT when you die.
Any IHT liability is based on probate value and any subsequent increase in value is irrelevant. If you were to sell the asset, CGT will, however, be chargeable on the difference between the selling price and probate value.
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