Inheritance Query????

[Snoop]

Hi,

I am currently living with my grandad and have been for over 10 years and he has told me that he will be leaving the house to me in his will. I was wondering what tax I would have to pay in the event of his death? I think that potentially I could be exempt from paying because I would have been living in the house for 3 years leading up to the time of inheritance. I was thinking of going on a six month (maybe a year) trip around the world and if he passed away during that time would the time away count as a break in the three year period even though the house would still be my residence. If anyone could clarify this I would really appreciate it.

Thanks

 

[tenchi-fan]

Providing you leave all your stuff in the house I don't see how revenue could argue you weren't occupying it just because you were on a holiday. Once you don't have an interest in any other house for the previous 3 years you should be fine.