SRA Samples
A leasehold flat was owned by a brother and sister as tenants in common in equal shares. The sister died last month and under the terms of her will, the whole of her estate is given to her adult daughter absolutely. It is estimated that the flat is worth £200,000 as a very similar flat in the same block sold for that figure last month. The sister’s estate will be subject to Inheritance Tax (IHT).If the estimated worth of the flat is correct what will be the value of the sister’s half share for IHT purposes?
A leasehold flat was owned by a brother and sister as tenants in common in equal shares. The sister died last month and under the terms of her will, the whole of her estate is given to her adult daughter absolutely. It is estimated that the flat is worth £200,000 as a very similar flat in the same block sold for that figure last month. The sister’s estate will be subject to Inheritance Tax (IHT).If the estimated worth of the flat is correct what will be the value of the sister’s half share for IHT purposes?
£100,000 less a percentage discount to reflect the fact that the flat was co-owned at the sister’s death.
A - £100,000 less a percentage discount to reflect the fact that the flat was co-owned at the sister’s death.
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