The inheritance tax was invented by the emperor Augustus as a means to raise money for soldier’s pensions and has been used ever since to redistribute wealth in the west.
When placing a value on a deceased person's estate all assets are included. This means the possessions, money and property the person owned at their time of death. It can also include some assets, which they gave away in the seven years prior to their death. This valuation must correctly return what those assets would realistically fetch in the marketplace at the time of death.
The maximum above which the estates value is taxed at 40 per cent is £300,000, which is from April 2007. In the 2008-2009-tax year it will rise to £312,000, in 2009-2010-tax year to £325,000, and then in the 2010-2011-tax year to £350,000.
When anyone dies, the estate will be dispersed according to the law either by the executor or administrator. Depending on what instructions are left in the will, there is several ways that an individual could inherit a property. This inheritance can bring many responsibilities.
Inherited property is not usually released until all the debts from the deceased’s estate have been cleared. However sometimes the outstanding debts are more than the value of the property and it has to be sold to pay these off.
It’s also possible that you may inherit a house that already has tenants living in it. It is up to you to decide whether or not you wish this arrangement to continue.
However being left a house is not a straightforward affair usually and has several issues to consider, such as, registering the property in your name, taking on the mortgage payments and paying any taxes which are applicable. If you have jointly inherited the property, you will need to consider how the other party wishes to proceed. You will also need to know that you can afford it after the taxes have been paid.
Bereavement is always a difficult time and the loss of your loved one will be at the front of your mind. With so many things to deal with when finalising an estate, sometimes it can seem just too much and your family and friends need you as well.
Any of the above reasons may cause you to look to sell your inherited property quickly. Selling through an estate agent means a potentially long time delay, chains, and buyers changing their minds and perhaps dealing with an agent miles away.
Alternatively you could use a house sale specialist. They will buy your property fast, for cash and as quickly as seven days. These people are professionals. They will not charge you any fees whatsoever and the sale is guaranteed at a time that suits you.
One of these specialists like A Quick Sale Direct will give you all the support you need, plus handle all the financial and legal parts of selling a property. It does not matter which city, town or village you live in, nor how old or what state of repair or decoration the property is in or even if it has sitting tenants.
related Links for inheritance tax.
Solicitors UK: How can you keep your assets secure and tax-free?
information about property transfer in India
Tips of using Discretionary trusts
All about NRI legal services
Solicitors UK - Choosing The Right Solicitor
Source: Inheritance Tax – Will You Have To Sell Your Property Quickly?
How inheritance tax helps you to sell your property quickly?