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Transfer of deeds.


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My brother in law wants to give a small house to his sister but is worried that people (Inland Revenue and the likes) will think something is dodgy. The house only cost £12,000.00 at auction and is a build up project. He is a new landlord with another property and has a few bob, so he wants his sister to have a start at it. Can he give such a gift without any problems? Also, how does he go about it?

 

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Sorry it is in the wrong forum:-(.

 

 

If all else fails, kick them where it hurts and SOD'EM;)

 

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Hi Sod'em..

 

Obviously check with your BiL's solicitor - who will also handle the Transfer of Title for him. I think he would be ok to do this, providing of course they both comply to money laundering laws, particularly as the property was purchased at a public auction so there can be no dispute on the property value.

Personal Capital Gains is £10,6000. So there could be a problem with £1,400 worth of income tax to sort out. One for his Solicitor really.

 

I'll move this to a more appropriate forum

 

Lex

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Advice & opinions given by me are personal, are not endorsed by the Consumer Action Group or the Bank Action Group. Should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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Hello there. I could be out of date, but I think this could fall under the inheritance tax [iHT] rules too, but could be wiped out if your BiL lives for another 7 years. It's worth checking HMRC's website.

 

My best, HB

Illegitimi non carborundum

 

 

 

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