• Inheritance Tax On A Gifted House

    By Guest on 18th Mar 2021

    If I inherited a house from parents as a gift, and they are still alive but I now need to sell the home. do I have to pay inheritance tax as they are still alive now or when both my parents die. the house was gifted to me 3 years ago and I believe they have to have lived for over 7 years before I don't have to pay inheritance tax on the gift.

    The house is less than: £325,000
    I believe inheritance tax is payed at 40%

    Thank you

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