Hi...can anyone advise on the situation where a widow is now sole owner of a property worth about one million, possibly slightly more - lives in it alone - owns no other properties and is earning about 25k per year, with very little savings.
I have read lots of articles in print and online but they all assume that individuals in expensive properties have lots of disposable income. Properties over the million threshold will have a tax of minimum 1.7 grand... that's a hell of alot for someone earning the above salary. Is she supposed to sell her house which has been a family home for past 20+ years or go to bank to seek a loan in order to pay the tax? It's ridiculous.
Thanks for any replies..
I have read lots of articles in print and online but they all assume that individuals in expensive properties have lots of disposable income. Properties over the million threshold will have a tax of minimum 1.7 grand... that's a hell of alot for someone earning the above salary. Is she supposed to sell her house which has been a family home for past 20+ years or go to bank to seek a loan in order to pay the tax? It's ridiculous.
Thanks for any replies..