C
cm777
New Member
If a wife applies to vary an estate given to her entirely (moveable/immoveable assets) by a deceased husband with the law firm holding the will..so that all moveable and immoveable assets go straight to the son and not come into her sphere of ownership, are there any obvious and not so obvious tax implications in doing this given :-
Total assets of husband below IHT threshold.
Immoveable asset will be 50% of principle residence of the husband and wife (it has never been rented to tenants)....and the wife will also gift her 50% of the main residence and move out to other accommodation.
CGT - Primary residence, never let out.
This flat was bought a considerable amount of time before, and so its value though not too high, has gone up 600% or so. Therefore, I'm just double-checking that by it going to myself, I don't fall into some CGT trap, or other obscure and tricky hidden tax liability !
I guess the value of the flat gets registered at the time of transfer to me based on estate agent estimates, so any future CGT I have to pay will be based on current or near future values and not that original price they paid waaay back.
This question comes under Scots Law if that matters.
I know children have a claim in Scotland of a percentage of wills left entirely to a wife unlike the rest of the UK. But my mother is not contesting anything; rather, she prefers everything goes directly to myself, so she can see me get the benefit of it while she is alive as long as there is not some hidden giant minefield tax we have not factored in.
Thanks in advance.
Total assets of husband below IHT threshold.
Immoveable asset will be 50% of principle residence of the husband and wife (it has never been rented to tenants)....and the wife will also gift her 50% of the main residence and move out to other accommodation.
CGT - Primary residence, never let out.
This flat was bought a considerable amount of time before, and so its value though not too high, has gone up 600% or so. Therefore, I'm just double-checking that by it going to myself, I don't fall into some CGT trap, or other obscure and tricky hidden tax liability !
I guess the value of the flat gets registered at the time of transfer to me based on estate agent estimates, so any future CGT I have to pay will be based on current or near future values and not that original price they paid waaay back.
This question comes under Scots Law if that matters.
I know children have a claim in Scotland of a percentage of wills left entirely to a wife unlike the rest of the UK. But my mother is not contesting anything; rather, she prefers everything goes directly to myself, so she can see me get the benefit of it while she is alive as long as there is not some hidden giant minefield tax we have not factored in.
Thanks in advance.
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