jo1979
14 Jul 2014 / #61
Merged: Inheritance tax on a property left to a grandchild. What are the laws in regard to selling/renting it?
My grandfather resided in poland. He is polish but has dual nationality as he lived and worked in the UK for over 40 years. He passed away 2 weeks ago and left his apartment to me in his will. This was authorised by a notary. The property is worth approx £35k . As he does not want any of his children to have any claim on it, he had the notary write a letter of 'donation' to me. What are the laws if I were to rent or pref.sell the apartment? I am british and live and work here so completely clueless to how it works.
My grandfather seemed to think if I were to not sell for 5 years then I would avoid the 20% inheritance tax and his children would not be entitled to anything. I really dont want to rent it out for 5 years!
My grandfather resided in poland. He is polish but has dual nationality as he lived and worked in the UK for over 40 years. He passed away 2 weeks ago and left his apartment to me in his will. This was authorised by a notary. The property is worth approx £35k . As he does not want any of his children to have any claim on it, he had the notary write a letter of 'donation' to me. What are the laws if I were to rent or pref.sell the apartment? I am british and live and work here so completely clueless to how it works.
My grandfather seemed to think if I were to not sell for 5 years then I would avoid the 20% inheritance tax and his children would not be entitled to anything. I really dont want to rent it out for 5 years!