DirectDevil
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I inherit a dwelling house from my mother. I meet all the conditions for the dwelling house exemption.
I also receive cash from my mother's estate.
The combined total value of the house and the cash exceed the Category A threshold.
When the dwelling house exemption is applied the cash residue alone falls within the category A threshold and there is no liability.
What is the position about any future inheritances ? Given that the CAT exemptions are reduced by lifetime aggregation of benefits/gifts/inheritances am I over the limit for future benefits ? In other words would the value of the house count against me in calculating my lifetime aggregate of benefits ?
I also receive cash from my mother's estate.
The combined total value of the house and the cash exceed the Category A threshold.
When the dwelling house exemption is applied the cash residue alone falls within the category A threshold and there is no liability.
What is the position about any future inheritances ? Given that the CAT exemptions are reduced by lifetime aggregation of benefits/gifts/inheritances am I over the limit for future benefits ? In other words would the value of the house count against me in calculating my lifetime aggregate of benefits ?