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Yes, correct, but you would be subject to capital gains tax anyway if you inherited it later after already having paid inheritance tax?
Yes. But if were to inherit my parents house today I'd put it on the market almost straightaway so the increase in value between today and when I sell would likely to be small and the CGT bill small too.
Something to consider is that capital gains tax is paid after you sell, whereas inheritance tax you'll need to pay effectively before you are allowed to inherit.
Apparently there are bridging style loans that deal with that and the interest can come from the estate but it does sounds expensive. if there is a very big estate.
The typical married couple who own a house will be able to leave £825k before any IHT is due which reduces the amounts a fair bit.
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jellybaby
Acliff
Yes, correct, but you would be subject to capital gains tax anyway if you inherited it later after already having paid inheritance tax? The capital gains would be worked out from when you obtain the property, and then when you dispose of it.
Something to consider is that capital gains tax is paid after you sell, whereas inheritance tax you'll need to pay effectively before you are allowed to inherit.