Wills and probate news: Expert answers question on inherited home

An expert has answered a question about tax implications arising from re-registering an inherited house, those interested in wills and probate matters have been told.

A reader wrote to the Guardian saying that they and their brother inherited their father's home when he died and have yet to complete the AP1 and AS1 forms that will allow them to re-register the property using both their names.

They asked if they would face any tax implications if they re-register the home, which they plan to sell, now rather than later.

Personal finance writer Virginia Wallis answered the wills and probate question by saying that the reader will not face any particular tax implications when they re-register their father's house.

"When you and your brother eventually sell, when calculating the capital gains tax bill the date you acquired the property will be taken as the date of your father's death, not the date you re-registered it," Ms Wallis said.

As a result, the reader should be aware of the worth of the house on that date.

This case of siblings co-operating shows that making a will can be a good idea to avoid disputes between its beneficiaries after the person who has made the document has passed away.

Published by Hannah Carr