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Types of Taxes On Inherited House??

A

Andrey Sokure

New Member
What type of taxes we need to pay on inherited house?
 
Veronica

Veronica

Administrator
What type of taxes we need to pay on inherited house?
Surely that depends on the country? For instance in the UK you would pay inheritance tax but in Cyprus there is no inheritance tax so you would not pay anything.
 
N

nmb

Well-Known Member
This is where the idea of tax planning comes into play. In the UK for example everybody has an inheritance tax allowance under which no inheritance tax is due. However, once you go over this inheritance tax threshold the taxes can be relatively steep. Many governments around the world also fail to increase inheritance tax thresholds in line with inflation/property price increases taking more and more people over the threshold, leaving them with inheritance tax liabilities. Tax planning is not a dirty phrase!
 
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