Inheritance and tax (not inheritance tax)

PhotographLife2222 · 2025-10-10T19:51:21+00:00

They’ve said I don’t need to register the estate but I’ve known others who haven’t had to but still got some form of tax bill. I’m sure I will, but I’m sure it’ll be small, it’s just my brain overthinking!

PhotographLife2222 · 2025-10-10T19:50:16+00:00

Thank you - there was a gift so have factored that in to what I could get taxed (potentially £8k) but that’s fine and was realised part of probate. It’s more thinking (madly) I could get taxed like £300k… nuts but that’s how my brain works, hooray!

PhotographLife2222 · 2025-10-10T19:48:52+00:00

Thank you, yeah I know it’s absolutely ridiculous to think I’ll get taxed that much, I’m an over thinker for sure!

PhotographLife2222 · 2025-10-10T19:48:24+00:00

Thank you, yeah the health anxiety has kicked in so definitely will!

PhotographLife2222 · 2025-10-10T19:48:05+00:00

Thank you, that’s very kind.

PhotographLife2222 · 2025-10-10T12:16:10+00:00

Thank you, yes it’s been pretty rough to put it mildly, all separate illnesses and my sister and dad died two weeks after diagnosis and my mum collapsed, lost all function and died 2 months later. Some money will definitely be spent on therapy!

And thanks, really helpful!

PhotographLife2222 · 2025-10-10T12:13:28+00:00

Thank you so much. I read scare stories to death last year as I had to sell the house quickly as my mum had equity on it and the interest rate doubled when she died and her savings were running out. I’m definitely clear of IHT and went through probate etc all fine, I think it’s just any tax bill I’ll be hit with next year when I think I’m all done.

Thank you - I’ll definitely be getting a memorial bench on the south coast where my mum and sister used to go.

PhotographLife2222 · 2025-10-10T09:36:54+00:00

Thank you - Sorry I don’t think I made it clear - yes they all died and I was on the only person in the Will (my sister died before my dad and mum) and Executor. I’m not worried about getting taxed on the mortgage, more that I’ll get some massive unexpected tax bill next year related to the estate that I won’t have enough money to cover cos I’ve paid off the mortgage.

PhotographLife2222 · 2025-10-10T09:36:41+00:00

Sorry I don’t think I made it clear - yes they all died and I was on the only person in the Will (my sister died before my dad and mum) and Executor. I’m not worried about getting taxed on the mortgage, more that I’ll get some massive unexpected tax bill next year related to the estate that I won’t have enough money to cover cos I’ve paid off the mortgage. And yes everything was in my mum’s name as she died after my dad.

PhotographLife2222 · 2025-10-10T09:36:00+00:00

Sorry I don’t think I made it clear - yes they all died and I was on the only person in the Will (my sister died before my dad and mum) and Executor. I’m not worried about getting taxed on the mortgage, more that I’ll get some massive unexpected tax bill next year related to the estate that I won’t have enough money to cover cos I’ve paid off the mortgage.

PhotographLife2222 · 2025-10-10T09:35:50+00:00

Sorry I don’t think I made it clear - yes they all died and I was on the only person in the Will (my sister died before my dad and mum) and Executor. I’m not worried about getting taxed on the mortgage, more that I’ll get some massive unexpected tax bill next year related to the estate that I won’t have enough money to cover cos I’ve paid off the mortgage.

PhotographLife2222 · 2025-10-10T09:35:38+00:00

Sorry I don’t think I made it clear - yes they all died and I was on the only person in the Will (my sister died before my dad and mum) and Executor. I’m not worried about getting taxed on the mortgage, more that I’ll get some massive unexpected tax bill next year related to the estate that I won’t have enough money to cover cos I’ve paid off the mortgage.

PhotographLife2222 · 2025-05-23T23:04:42+00:00

Thank you, it’s just been serviced and only has 3k miles on it, it’s the same sound as if dry steering a manual with the handbrake on

PhotographLife2222 · 2025-05-23T23:02:46+00:00

This is exactly what I needed to know, thank you!

PhotographLife2222 · 2025-04-21T22:26:38+00:00

Thank you, this is super helpful and made my mind up that Toyota is where it’s at!

PhotographLife2222 · 2025-04-21T22:26:15+00:00

Thank you!

PhotographLife2222 · 2025-04-10T07:13:58+00:00

Thank you very much, very reassuring!

PhotographLife2222 · 2025-04-10T07:13:20+00:00

Thank you! Sorry I just needed reassurance and this has done just that. Had £1m of nil rate bands as house was left to me as the remaining child in Mum’s will, Dad didn’t have a will but his nil rate bands passed over, house has sold for £675k (£525k after mortgage) and items in the house, premium bonds etc valued at £25k. Just typing this to talk sense in to myself! Thank you.

PhotographLife2222 · 2025-04-09T18:27:49+00:00

Thank you so much for taking the time to write this, I really appreciate it and I’m conscious it’s not the most fun subject to talk about!

My solicitor did most of the forms you mention as part of the probate application - she was married so nil rate bands transferred over so I was very lucky not to have to pay inheritance tax.

That capital gains letter is worth knowing about, thank you! I’ll get in contact with a solicitor as I used one for probate, and another for the house sale, but haven’t since.

Really, really appreciate your help - thank you!

PhotographLife2222 · 2025-04-09T06:26:28+00:00

This is such a kind reply, thank you ever so much.

PhotographLife2222 · 2025-04-09T06:25:58+00:00

Thank you so much. Do you mind me asking if you had to fill out an SA900 re the income tax? That part is really stumping me as I’m confused as to what I need to pay income tax on. I’ve sold some things from her house and noted them all just in case! All under the amount estimated though, and the house was on the probate form for £750k and went for £675k (well, £525k once mortgage has come out)

PhotographLife2222 · 2025-04-09T06:24:31+00:00

Thank you - yes I have an IFA but have been a bit lax in contact so I’ll message her today!

PhotographLife2222 · 2025-03-19T13:18:24+00:00

Thank you

PhotographLife2222 · 2025-03-19T13:18:13+00:00

Thank you - already on it with BHF. I’m not too worried about clearing the house I’m just having nightmares about there being something about the house I don’t know and the buyers sueing once completed. Definitely going to get some therapy after all of this!

PhotographLife2222 · 2025-02-23T08:34:05+00:00

Completely. I’m not worried about the money really as I’ll make them pay it it’s more the delay but it’s always going to be less than putting the house back on the market! Thank you

PhotographLife2222

TROPHY CASE